This is about a guy who is great with girls and another guy who's hopeless with them. The first verse is all the advice the first guy is giving to the other about getting in with a certain girl. The rest of the song is him telling him to give up because it's hopeless, but he really wants to get the girl the hopeless guy was chasing.
The Timberwolves are an NBA team, and apparently they were scheduled to play the New Jersey Nets when on of the band members saw the listing while looking through a TV guide. In Taking Back Sunday tradition, the title has nothing to do with the song and doesn't appear in the lyrics.
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