This song finds a guy laying out the details of a proposed elopement, and for some reason he throws in a bunch of baseball references. Mike Piazza was a catcher for the New York Mets. It was rumored that he was gay, and he even addressed the issue in a press conference where he asserted his heterosexuality. His career batting average is .308, but it may have been .318 (as stated in the lyrics) when the song was written.
The line, "The pitcher puts religion first and rests on holidays" is probably a reference to Sandy Koufax, one of the greatest left handed pitchers of all time, who was Jewish and refused to pitch on Yum Kippur. The Giants would be the San Francisco Giants, the statue is probably the giant Willie Mays statue in front of SBC Park. Mays was regarded by many at the time as the greatest living ballplayer.
This was featured on the soundtrack of the 2008 movie Juno, which contains a lot of quirky songs.
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