Lyric discussion by thegrue 

I'm fairly certain this is a silly love song for his girlfriend of the time. Beck used to call himself/be called "the garbage man" because of his ability to scrap together junk and make great music with it when he was younger. Peaches 'n Cream being his girlfriend. He's also mentioned in interviews that the last line was just something ridiculous he put in on a whim, so that leads me to believe it's not such an intensely sexual song (in his intentions at least)

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