It is one of the most surreal scenes in the film (which is full of those). At the party is a full band that she has hired. Who happens to be about 30 or 40 years Norma's junior. much to the surprise of the audience and the narrator (Joe). In the film, Norma throws a New Years party at her mansion.

Not only does Norma actually have a large ring in the film that has a hoop/clip on it, and actually doubles as a cigarette holder, but just read the last part of that stanza! 'While the Hollywood SUN SETS behind your back'! That line alone makes it absolutely definite in my mind. But this isn't enough proof, you say? Circumstantial and coincidental? Well here's where Metallica really hits us over the head with it and screams 'It's the film Sunset Boulevard!'. When Joe, the protagonist (and narrator) of the film, first arrives there, he thinks the house must be abandoned and empty. Her huge and ancient mansion, up in the hills off Sunset Blvd, is terribly run-down, and almost completely overgrown and covered with twisting vines. Also, she watches screenings of her own old films in her mansion, and even though she is alone, or only with one other person, in her mind there is a cheering crowd with her every time, watching and cheering and calling for her. She still receives much fan mail every week, completely oblivious to the fact that it's not real, and actually all being sent by her ex-husband. But the part about the 'nowhere crowd cry the nowhere cheers of honor' is even more fitting. Throughout the film, Norma wears large gaudy jewelry, including rings. She attempts suicide multiple times, imagines fans around her, and in the end of the film. She has fortune, has (had) fame, is constantly looking in mirrors, very vain, and very much insane. Sums up Norma's whole persona and mindset throughout the film.

The blatant references/hints/clues are ALL over the song. It's about a past-her-prime silent film actress, Norma Desmond, (played superbly by Gloria Swanson), who believes that she is still a great star, still as famous as she ever was, and still wanted by all the studios and directors. If you've ever seen this amazing film (which I HIGHLY recommend to everyone), then it would be completely obvious to anyone who's seen it. They saw the film one day, and decided to write a song about it. I KNOW (and I've never heard any of the guys in Metallica mention it, but I just KNOW) that this was absolutely intentional. There's no doubt in my mind that this song is 100% about the classic 1950 film 'Sunset Boulevard', directed by Billy Wilder.

Mind song by Donna Swanson