According to Dave Grohl, the verses are nonsense, which is something he did intentionally because he had too much to express. His other motivation for writing gobbledygook verses ("fingernails are pretty, fingernails are good...") was to keep listeners from misinterpreting them, since he knew his words would be scrutinized in context with the death of Cobain.
Grohl says that while the verses mean nothing, the chorus means everything, as he is saying goodbye to his past with the line, "This is a call to all my past resignations." Said Grohl: "It's just sort of like a little wave to all the people I ever played music with, people I've been friends with, all my relationships, my family. It's a hello, and in a way a thank you."
Bert - Pueblo, NM