This song has not been played live as of yet.
One interpretation that has been discussed is that the artist, suffering after a break up with a significant other ["it"], has been relegated to "the friends zone" and is arguing with him/herself ["you fraud"] about how to handle the current situation with the significant other.
It tells you lies
You say you won't but you compromise
Just don't imagine you'll ever win
Any race you aren't running in
Seem to indicate that the artist understands that he or she will not be able to be with the significant other ["it"].
Or, this song could be about a cat...Sharp teeth test your skin/Too late, you let an angel in.
Another interpretation of this song involves the creative process and self-doubt as an artist. The "it" is in reference to an idea or inspiration that the artist cannot get out of his head. In this interpretation, lines like the aforementioned excerpt refer to insecurity of concept and trust in personal vision, and encouragement to continue creating despite self-doubt (respectively). The bridge is from the perspective of the "little voice" that causes an artist to doubt him/herself; this is the voice of the "internal editor", so to speak. The song uses art-related imagery in the lines, "so many accidents, only one/paints you the picture you want to see/cover one eye and look carefully". The song deals with a struggle, putting the artistic process in both a positive and negative light. Lines such as "So unkind/Acting as if you could read its mind/Making it hard to explain without/Finding new things to complain about" hint at the frustrations artists can feel when a project is getting out of hand or the artist is losing motivation to work. This interpreatation fits within the theme of loss of personal direction seen in other songs on the album, namely "The World Belongs To You", "Sucker Punch", "Je Suis Rick Springfield", "Good Morning Tucson", "Dissolve", and "Nobody Loves You Like Me".
This can also be a song about addiction, heroin in particular seems to come to mind with the regards to 'sharp teeth test your skin/Too late... etc.'
- The creative process