This song has a lot of references to cocaine and groupies, but also deals with people who are posers/wannabes and how when they are confronted they put their tails between their legs and scurry off. The chorus is mocking fans how they act like fools when the band is around.
"Bilo" is Peter Doherty's nickname. "Biggles" is Carl Barat.
Suggestion credit: Justin - Georgetown, IN, for above 2