Neely O'hara is a charchter in Valley of the Dolls, but I don't know if that is that the reference here. There is another song by another band entitled Neely O'hara also and that one is definitly about the movie and book charachter by Jacqueline Susann.
I don't think it's about Neely O'hara either. Maybe just one of those people who he cared for and could relate with Neely O'hara.
"In the morning when you throw up water and your skin turns a pale pale yellow well everyday you lose more color" bulimic?