This song is about how heroin affected the band. Mr. Brownstone is likely to be their dealer. Brownstone isn't a common slang term for heroin, but it is brown, which is likely to be where the dealer got his name from.
Axl Rose's lyrics mention how the band would take heroin before performing at concerts. "The show usually starts around 7, we go on stage around 9" means they were two hours late for the show because of the drug. Later he sings: "Now I get up around whenever, I used to get up on time," meaning he doesn't care anymore about it, he's so obsessed with heroin.
At the end of the song in the lyrics: "Shoved it in the bindle and I shot it in the middle And it, it drove outta my mind I should've known better, said I wish I never met her, said I leave it all behind," A bindle is a "dimebag" full of heroin, he shot it in the middle, getting rid of it, and says he wished he never met her (her being heroin) and he just quit it cold turkey.
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