According to Fish, the band's vocalist at the time, the title refers to a slang term from the Vietnam War; see the main Fugazi page.
Apparently the circumstances under which the album were produced were quite terrible. The band has also stated that it was not content with the result, most notably, the production quality. The remaster is somewhat improved in this respect.
The 1998 remaster has the following additional tracks on the second CD:
Liner notes for the remaster by some of the band members (on the marillion.com (http://www.marillion.com) band page):
wikipedia.org dumped 2003-03-17 with terodump