This song is about being bullied. The band name is actually realted to his school (the singer) and the bad time he had growing up there. The playground in any school is often the primetime for bullying and therefore was partially used in the name.
The lyrics in the song are mainly comments that bullies might make, fathers being gay, mothers being whores and the most touching lien is about Aunt mary who says "They have the darkness there in their minds", meaning they have the need to bully someone else.
I recommend you listen to this song its very good, and so is "Never" by the same artist.
