It has been deduced that this song is referring to the killing of a police officer.
'Paddy' is a slang term for a police officer, and 'whack' is slang for murder.
The sound 'nick nack' is obviously reproduced from a mechanical weapon such as a catapult, trebuchet, or large crossbow.
Therefore it is a term for the murder of a police officer using a mechanical weapon.
Did you cover up your tracks on that nick nack paddy wack?
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