I was listening to this song and I got a clue about what it might be about. I know its a long shot but here goes.
I think it is about Courtney Love maybe. Though most likely it might be about a past girlfriend. Here are my clues.
As a matter of fact I think
She lives still : She is such a wreck who knows if she is still alive inside.
She knew she could do no wrong
Just singin' those songs
That we all knew : Using Kurts songs to make money and proforming them live.
She would always crash the party
It was no surprise
It was for her : She thinks shes such a socialite!
There was this boy
He played in a rock-n-roll band
And he wasn't half-bad : Kurt in a Nirvana.
She said he could do no right
So he took his life : She always made him feel like shit and practicly drove him to kill himself (allegedly).
His story is true : Well it was true!
It's ok cause what goes around, comes around
It's all right cause what goes around, comes around : Shell get hers soon!
And now this girl,
Yeah she got real famous : After he died she became a super star.
And she made lots of money and
Some of his too : She came out with her album right after he died and made lots of money and all of Kurts money after he died since his estate went to her.
But still she thinks she can do no wrong
Just playing those songs
She's all too cool : Still she thinks she did nothing wrong and she thinks she drove no one to kill himself. Now she doesnt give a @#$% cause she has millions and she is famous.
What do you guys think?