This song is about James Hetfield's battle with drug abuse (more specifically alcohol abuse). The line, "The higher you are, the farther you fall" is a metaphor James Hetfield came up with to describe the effect of drugs. '"Jack" refers to the Jack Daniel's whiskey brand. This song is one of many from the Load/Reload era to have never been played live.
Open doors, so I walk inside
Close my eyes, find my place to hide
And I shake as I take it in
Let the show begin