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They say there's a Heaven for those who will wait
Some say it's better but I say it ain't
I'd rather laugh with the sinners than cry with the saints
The sinners are much more fun
The belief if that if you don't wait until marriage and do other sins than you will go to Hell after you die, instead of to Heaven with the people who waited to have sex until marriage and never sinned.
He is still trying to get convince Virginia to have sex with him. he is saying that everyone says it must be so great to go to heaven but he'd much rather go and have fun with the people who sinned in Hell, than be in Heaven and cry with all the saints about the sins that the people are committing.