From the recording A View Askewed Too

This song was written by Johnny Thunders, a New York Doll, and one of rock'n'roll's many casualties. I heard this the first time on Ronnie Spector's solo album, 'She Talks To Rainbows' which was produced by Joey Ramone.
I was tempted to rewrite some of the verse lyrics, they're not great, but you don't listen to this song for the verses - everyone is here for the anthemic chorus. It's a brilliant song.
As the song says, no you can't put your arms around a memory, but you *can* use music to evoke your memories.