The song is dedicated in the liner notes to actors Alan Arkin and Madeline Kahn. Jessica Hanlon may have found out why:
Arkin's memoir, "An Improvised Life," was released in 2011: "the entire book illustrates an anecdote in its prologue, where Arkin recounts how he once asked a friend and colleague, the late, ferociously talented comedian, singer and musician Madeline Kahn, what she first wanted to do as a kid: Sing? Play the piano? Make people laugh? She answered that she used to listen to a lot of music; then she thought for a while and added, "I wanted to be the music."
The two actors performed together in 1980’s “Simon,” about a brainwashing experiment, and a 1968 version of “Candide.”
“...When you thought all my dreams suct”
The Urban Dictionary says that “suct” is a California slang term for “sucks really big time.” For instance, when referring to the California Aqueduct, one could say “the California Aquesuct is the artery by which southern California suct northern California dry.”
"...drip, drip, drip."
Hip Head Luke Hatton adds:
One of the treatments used to combat breast cancer is chemotherapy - which aims to kill cancer cells – and one of the methods in which this is implemented is intravenous drip.
There are a number of lyrics which may directly refer to this kind of treatment:
“Through the night, it’d been raining venom” - At Transformation
“Her blood is still clear and sanguineous” - The Lookahead
“Drip, drip, drip” - Want To Be It
I think ‘Want To Be It’ may be the most obvious reference of all three, but stacked on top of each other, they all seem to be referring to the same thing.
"The Smartest Guy in the Room, tick, tick..."
Luke Hatton mentions that this could be a reference to the 2005 Enron documentary "The Smartest Guys In The Room." The doc was based on the 2003 book by Bethany McLean and Peter Elkind. The capitalization would suggest he's correct.