Oh, brother. There certainly was a place for Pavement's droopy lazy ways way back in the 90s, but finding this track after looking for any bands doing Fall covers kind of left me offended. Apparently it was recorded for a John Peel Session (08/21/1997, for you fact masters) and I'll assume that Peel was probably just as offended.
There really isn't much happening here other than the basic riff and Malkmus mumbles. Geez, I feel so bad about posting this, you should probably listen to this version of "Psycho Mafia" by the Moist Vaginas recorded live at Palmefestivalen in Oslo instead.