This song tells the story of Wainwright getting drunk and smashing his guitar Pete Townshend style. After burning what was left of the instrument, Wainwright bought a new guitar, only to have it stolen three days later.
The red guitar sounds like it could be a metaphor with deep existential significance, but Wainwright claims no deeper meaning. He said in our interview
: "Well, I got drunk and that's what it really was. I was frustrated by something that day or night, I don't even know if it was day or night. But yeah, it was a Gibson Hummingbird, a nice guitar."