This is about poetess Sylvia Plath and her suicide. Crackle And Drag was the last poem she wrote. The blacks refer to stage curtains, hence the phrase "Hear her blacks crackle and drag" refers to her exiting this world.
Two versions exist back to back on this album. The first is an uptempo rocker that harkens back to Westerberg's days in The Replacements. The second is an introspective acoustic number.
Suggestion credit: John - Levittown, NY, for above 2