515 is the area code in Iowa that covers Des Moines, where Slipknot is from.
The song is one-minute long with the word "death" repeated over and over. It's the opening track on Slipknot's second major label album, Iowa (2001), serving as a lead-in to the song "People = S--t." The band did something similar on their previous album, where the 36-second song "742617000027" opens the album, leading into "sic."
According to lead singer Corey Taylor, "This song is basically about the psychotic rage that is hidden within all of our minds, and after being pushed to a certain limit... we will eventually snap and let it all loose."
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