This song is thought to be about either the vagina of Cournty Love, or just about the vagina.  Although the song does reference his relation ship his wife. 
 Here my analisis line by line: 

 She eyes me like a pisics when I am weak:  Reference to peom 

 I've been locked inside your heart-shaped box for a weak:  Reference to a gift Courtny Love gave him. 

 I was drawn into your magnet tar pit trap:  A reference to the vagina 

 I wish I could eat your cancer when you turn back:  Beyond me 

 Hey, wait:  Cobain's late life suffering 

 I got a new complaint forever in debt to your priceless abvice:  Reference to peom 

 Meat eating orchids forgive no one just yet:  Reference to the vagina 

 Cut myself on angel hair and babies breath:  Reference to Courtny Love 

 Broken hymen of your highness I'm left back:  Reference to a woman losing her virginity 

 Throw down your embilical noose so I can climb right back:  Reference to peom