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This is the opening theme to the Nickelodeon show The Adventures Of Pete And Pete.
This is based on a 1972 song of the same name by Harvey Andrews. Andrew's song is about Sandy Scheuer, a college student who was shot by the US National Guard during the Kent State riot of 1970.
The lyrics are hard to understand and remain a mystery, especially the third line. One theory of what that line says is, "Can You Settle to Shoot Me," as this would fit with the subject of the song and the next line - "Or have you picked your target yet." (thanks, Andrew - Springfield, MO, for all above)
On the Adventures Of Pete And Pete Season Set DVDs released in 2005, during the opening credits sequence for which this song is the theme, the closed captions say "Can you settle to shoot me?" on the third line, giving reason to believe that it is the actual line. (thanks, Caleb - Rocky Mount, NC)