Waltz #2 (XO) by Elliott Smith is a heart-wrenching and introspective track that delves into themes of heartbreak, longing, and personal turmoil. The song is a reflection on failed relationships and the emotional aftermath. Elliott Smith’s poignant lyrics express feelings of abandonment and sorrow. Key themes include yearning for connection, the pain of unreciprocated love, and the struggle with inner demons. It captures moments of profound reflection and emotional vulnerability, making it a powerful piece that resonates deeply with listeners.