Raul plays Philip Salon, owner of the club Taboo. He is beaten up in the street for being a queen. The song begins when he is left on the ground, blood dripping down his face, and him trying to stand up and put on his feather boa coat. The song is, in essence, saying that those thugs and Philip Salon (and all of us, really) are the same. We are all scared inside.
I've said this before and I have to say it again, since the subject came up. Raul singing this song is one of the most breathtaking performances I have ever seen on a stage.
<-----I'M TOTES ROLLING MY EYES