"Steven's Last Night In Town," is a song based on a real person Ben Folds knew from back when he lived in North Carolina.
During a live radio show, Ben explained the tale of Steven: He was an out-of-towner who came to visit Ben Folds's neighborhood and soon annoyed everyone around him. In an effort to get him to leave, the neighborhood would throw him a going-away party every night, but he had a hard time taking the hint.
Ben didn't mention in the interview if Steven ever left. Perhaps that's why Ben moved to Australia.