Lyric discussion by Spuff 

'high precision ghosts' refers to old songs being re-released on the 'precision' format of CD. The character in the song is clearly an aged rock n' roll star who is being irked by being reminded of his once glory days by his back catalogue being released again (probably on cheap compilations) on what was a new format when this song was written. He regrets that he now is alone when he once had many pretty hangers on surrounding him. The nonsense words are the sorts of throwaway lyrics that the character sings in his hits. He was once called a king of rock n' roll but that is an ironic memory now that he cuts a figure so in contrast to the strutting youth he once was.

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