The FIRST part of the song makes perfect sense. He (Mika/the narrator/whoever) is basically complaining about being used as a plaything by the man he loved--ie, not being treated as a serious relationship, but just a distraction to pass the time. He wants to be more than that, a boyfriend, but the guy's mother doesn't approve, and so eventually the guy ditches him.
And then it gets weird, because if the mother is the hag, why would she dress him up "as the man she loved" or put him away "when she had enough"? Unless this is REALLY twisted and the mom used him as her sex-plaything of her own, that can't be it.
So instead then let's take "you left me in Georgia" as meaning his boyfriend left him... ahem, well, let's have Georgia be a woman's name, and that lyric becomes the kind of initially-innocent-seeming but actually-dirty pun he likes so much. Then "How could I be for rental?" makes more sense too, ie, the guy basically pimped him out, or shuffled him onto some chick to get rid of him. (The only other meaning of that line I can figure is that he's complaining about being used as a "rental" by the guy--to play with and then return--but the question format of it doesn't quite jibe with that.)
Then, ok, Georgia used and abused him in her own turn, making him into what she wanted a lover to be instead of letting him be what he was. Still not sure why he's afraid of the guy at the end though (as opposed to being, say, angry at him).
--Jack