Lyric discussion by SunTzuII 

"Three guns and one goes off, one's empty, one's not quick enough."

This is a reference to "The Good The Bad and The Ugly" right?

Absolutely.

"Search the graves while the camera spins" nails it. If you haven't seen this scene go check it out, classic cinema.

Thank god someone else realizes all the references to this film. The first half of the chorus is clearly the final showdown in The Good, The Bad, and The Ugly. "One burn, one red, one grin." If you think about it, Tuco gets burned because his gun is not loaded, Angel Eyes is dead, and Blondie is grinning because he bested both of them.

Glad I came here, because I had no idea what this song meant! Now it makes sense....thanks, guys:)

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