The "crack" is the sound of him removing the capo from his guitar. That, and his "sigh of relief" I think symbolize a release, a freedom from the restraints of the confining,
almost classical feel of the first part of the song. He then breaks into the much more
loose, rambling country-folk style at the end. I'm glad you mentioned this song - a sleeper for sure. The latter half should have been a song unto itself - might have been a hit!
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