The first part of this song, "Pretty On The Inside," refers to Hole frontwoman Courtney Love's life. In her youth, Love supported herself by working as a striper in her travels. This explains why words like "slut" are used in the first part of this song.
"Clouds," the second part of the song, refers to drug addiction. At first, this song seems to be incomprehensible but, it makes sense with a little effort. The word "cloud" is used as synonym of "drug": "So many I could have done, but clouds."
The lyrics, "On acid stars you're getting there" and "I looked at clouds from both sides now, from up and down, and still somehow, It's just an illusion I recall" are references to drugs and how they can get you high, or bring you down.
Elise - Oklahoma City, OK