Pete Doherty wrote this song about his relationship with British model Kate Moss. The song is about as romantic as Doherty gets, he's saying that due to his volatile personality and addictions, he's likely to mess up, but to give love a chance and he'll try his best.
Confusingly, Doherty's old girlfriend is named Katie Lewis, and he wrote a song about her with The Libertines called "What Katie Did." That is why Katie/Katy is spelled different in both songs.
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