It has, from the first time I encountered Rocky Horror at the age of 14 (too long ago for me to reveal my current age
) been my belief she was singing about Eddie. Yet regularly when I talk to people these days, they are sure she's singing about Frank.
Here's my take:
First of all, although generally a dance-step number, the three solos spots speak to the character's deepest desire, so to speak. Riff-Raff about losing control (which I take to mean both going postal on Frank in particular, and in losing the pent up inhibitions of playing the part of "faithful handyman," in general). Magenta about watching other people get it on (and she's always the giddy onlooker to other's activities throughout the evening). Columbia's deepest desire is clearly Eddie. She rushes to him when he comes back to life. She sobs over his second death. She sings a solo verse in "Eddie's Teddy." In the stage show, the Time Warp is set up by her mentioning Eddie, and Riff-Raff trying to cover up, only she won't let the subject go. So he's clearly on her mind when the song starts. The lyrics refer back to that.
Secondly, the members of the household never seem to leave the house. People and things come to them. So I don't see Frank driving down the streets of Denton (or anywhere else on Earth). Actually, I'm not sure I see Frank driving, period. Being chauffeured, possibly.
And finally, a pickup truck just doesn't fit Frank's personality. He's all about gothic/glitter. A custom hearse. A bitchin' vintage 30's roadster. A Nora Desmond-style Isotta-Fraschini limo? I can see that (with Riff as Max driving up front). A pickup truck? Not so much.
But a truck fits Eddie's R&B nature, perfectly. Okay, not quite as perfectly as a vintage Harley Davidson, but well enough.
I'd love to hear comments from others as to who they think she's singing about, and how they came to that conclusion.