As the person who posted this video remarks, "I doubt that even Eddie Vedder knows what he's saying."
The song title doesn't help either. "Yellow Ledbetter?" Is it a reference to the great Huddie Ledbetter, better known as "Leadbelly?"
I'm glad to have found at least a theoretical interpretation of this song's lyrics, anyway. And I agree with Ed: I don't want a box or a bag either.
Vedder joins the ranks singers who achieve greatness in spite of the fact they sound like they're getting choked. Charlie Patton comes most readily to mind.