While I like JC's idea, I think it's actually about a woman who won't have him because she's madly in love with herself. "That girl" is the woman he's singing it to, who's beautiful, young, and perfect. He wants to be this woman, because only then would she notice him/her. He's saying she'll be running to him when her looks are gone. It's partly a love song, partly a f*ck-you; when he speaks of tying pantyhose around his neck, he's telling her to go hang herself, and the chorus speaks for itself.
While I like JC's idea, I think it's actually about a woman who won't have him because she's madly in love with herself. "That girl" is the woman he's singing it to, who's beautiful, young, and perfect. He wants to be this woman, because only then would she notice him/her. He's saying she'll be running to him when her looks are gone. It's partly a love song, partly a f*ck-you; when he speaks of tying pantyhose around his neck, he's telling her to go hang herself, and the chorus speaks for itself.