Death comes driving down the highway
Like a latex press;

The story:

I wondered if it was something to do with those odd rubber clothes the S&M fraternity wear to parties. A "latex press" must get the creases out of them.

Then I tried to explain the lyrics to a girlfriend who turned out to be a Patti Smith fan. (Patti wrote the song). After she'd finished hitting me, she played me Patti's version. Which is clearly "late express".

Doh.