Lyric discussion by zackemo13 

If you don't think of twisting in the wind as being hung, you can find another meaning (many songs by TMBG have multiple meanings). (a bit of forewarning, I largely got the idea for this interpretation from the Name of the Wind, so it might be a bit of a stretch)

She's not your satellite she doesn't miss you - you aren't the only person in her life and she doesn't need you. don't overestimate your place in her life.

so turn off your smoke machine and Marshall stack - so don't try to fool or coerce her into coming back.

She wants to see you again - She wants it, you didn't bring her back she came back, and "see" doesn't always mean anything further.

slowly twisting - changing direction, slowly considering returning in the wind - the wind (coincidence) might be causing her to change direction, and not to read to much into it.

or she might be just taking one look back before she leaves, and you shouldn't try to use that to bring her back.

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