This song is about a couple with a strong emotional bond that is doomed for failure. The line "The best way to make it through with hearts and wrists intact Is to realize 2 out of 3 ain't bad" implies that the relationship has the potential to destroy them, and that they have to realize what's missing is love. "2 out of 3 ain't bad" is probably a reference to the Meat Loaf song of that name which declares, "I want you, I need you, but there ain't no way I'm ever gonna love you."
The only part of the title sung in the lyrics is "Me And You." Like Panic At The Disco, Fall Out Boy often chooses titles for songs that are very long and not necessarily related to the lyrics.
The video was filmed in Uganda. The band was trying to draw attention to children there who were forced into war. A group called Invisible Children, which is working to end this practice, worked with Fall Out Boy on the video and traveled with the Warped Tour to call attention to the problem. (thanks, Bertrand - Paris, France)
http://www.songfacts.com/detail.php?id=9124
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