The great thing about this SongMeanings website is that people have the chance to speak intelligently and emotionally about music, but its hard to understand that the people who post comments don’t realize that what is important isn’t how great a song is in general, but what it means to you.
Yes, “how low” might refer to a blow job, and alternatively it could refer to a low between taking heroin. But it has so many possible meanings — depression, for example. And since “hello” comes before it, you could even take it to mean the depression, emptiness and ugliness inherent in a teen world where teens are forced to be polite to the older generation, even though they don’t want to — when teens are forced to be something they’re not.
I think, in general, this song is just about teen life. MrSkaPunk is probably right; Kurt didn’t put much effort into the meaning of the lyrics, but what he wrote down can nonetheless be analyzed. And I think that its best taken as a multitude of emotions, actions, diversity (mulatto, albino), acceptance, rejection, and the ups and downs of teen life.
My InterpretationLoad up on guns, bring your friends It’s fun to lose and to pretend She’s over-bored and self-assured Oh no, I know a dirty word
(Guns are a metaphor for defense mechanisms. He is saying bring your shields 
, bring your armor, come with your friends. Think of “Knockin’ on Heaven’s Door” by Dylan. For him it was fun to be the opposite of what he felt to be oppressive: jocks, school, authority, conformity. There was a satisfaction in being a “loser,” and “pretending.” A great lyricist knows the value of puns. Overboard, over-bored, selfish, self-assured. I feel shame, and also exileration, but it’s still a dirty word.)
With the lights out, it’s less dangerous Here we are now, entertain us I feel stupid and contagious Here we are now, entertain us A mulatto, an albino, a mosquito, my libido Yeah, hey
(with the lights out. so true, great line, it really is less dangerous. Then comes the resentment..entertain us. I feel stupid and..” how he felt in high school, which is very, very relevant. Those feelings and experiences in high school. You remember them? They are a stamp on the narrative/script of our life. If you don’t believe me, think back to your high school life. How much of who you took yourself to be are you reenacting today? Mulatto/Albino/Mosquito/Libido. Great imagery. Together they empower someone who is different, someone who doesn’t fit in).
A mixed raced person, a mixed gene person, a metaphor for sucking/draining, and sexual power
I’m worse at what I do best And for this gift I feel blessed Our little group has always been And always will until the end
(For someone who never had a family/tribe, his group would embody this for him, until death do us part. What he does best is nonconformity, which is worse in the eyes who want him to conform. This is a blessing, of a kind, for your opinion of me is evidence of my authenticity).
And I forget just why I taste Oh yeah, I guess it makes me smile I found it hard, it’s hard to find Oh well, whatever, never mind
General CommentI don’t understand why some of you argue over whether this is the best or the worst song
(Taste indicates feeling, a numbness forgotten. But when it comes, though it’s hard to find, it makes me smile none the less).
With the lights out, it’s less dangerous Here we are now, entertain us I feel stupid and contagious Here we are now, entertain us A mulatto, an albino, a mosquito, my libido A denial, a denial, a denial, a denial, a denial A denial, a denial, a denial, a denial
