I had a conversation about this song years ago with a friend. The artist in question was not Squeeze’s Paul Carrack, but a band called the Poster Children:
***g. Daisy Chain Reaction
Daisy Chain Reaction is our 2nd release, with Rick and Rose and new guitarist Jeff (who now plays bass in the band Hum) and new drummer Bob Rising (who afterwards played in the bands Seam and Hardvark.) This record was originally released on Twin/Tone Records (Soul Asylum and The Replacements’ old label), but after we signed to Sire in 1991, we had Sire buy it off of Twin/Tone because Twin/Tone was having distribution problems at the time. DCR was recorded by Steve Albini at Chicago Recording Company, but the “hit song” If You See Kay is actually from the 8-track demos that we did in Steve’s basement. Many people believe that “If You See Kay” is a cover; although I hear that there are other songs with the same name, be assured, this is our own song.
MTV played our video for If You See Kay a good number of times on 120Minutes. A funny trivia fact: we were originally going to make the video for the song Chain Reaction but Twin/Tone sent a tape of the wrong song to Bill Ward, the video director. Then Bill Ward suggested that we do a video for If You See Kay, since it was a shorter song, and he liked it better, and we agreed. We probably wouldn’t be where we are right now if this hadn’t happened.
Songs on this record: 1) Dee, 2) Cancer, 3) If You See Kay, 4) Love, 5) Freedom Rock, 6) Space Gun, 7) Water, 8) Want It, 9) Carver’s, 10) Chain Reaction, 11) Frustration, 12) Where We Live. All Songs By Poster Children. ***
From: http://www.posterchildren.com/albums/g.html
No direct explanation here, but perhaps this incredibly vague aside will help: The aforementioned drummer, Bob Rising, and I were acquaintances at one point and I seem to recall discussing this song with him. I seem to recall it was fairly obvious that If You See Kay meant F*CK. Of course, who ever listens to the drummer?
I guess you could search posterchildren.com (they’ve got interviews and stuff on der) for a more definitive answer.