A "nancy boy" is a man who is very feminine; the lyrics mention the man putting on makeup and perfume in his room. The song has a theme of accepting one's sexuality and blurring the lines of gender roles ("It all breaks down to role reversal...") that men were always so hesitant to do.
Regarding "Nancy Boy," Brian Molko of Placebo explained: "People who think it's fashionable to be gay -guys who think that because some of my best friends are gay that they are going to try it out because they are in a milieu where it's cool, but they haven't actually had the desire themselves. In the song, I'm questioning people's reasons for sleeping with someone of the same sex. In the same way that heroin is very hip today, being bisexual seems to be very chic."
There are two versions of this song: the video and album version, and a slower unreleased version.
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