Nirvana had just released its follow-up album to Nevermind and everyone from record executives to teenage boys were waiting with bated breath to see what they would pull off. 10 days after the album release, Nirvana was booked on SNL to help publicize the album, not that it needed any attention.
You can image the horror on the record executive and SNL producer's faces when Nirvana came out and sang the song Rape Me. In addition to the the definitely non-radio friendly title, the lyrics, though not explicit, were pretty aggressive: Rape me, Rape me my friend, Hate me, do it again and again.
Actually Nirvana wanted to play this song at the 1992 MTV Video Music Awards but MTV wouldn't let them. They decided on Lithium instead but started playing a few bars of Rape Me to mess with MTV, almost leading MTV to go to a commercial.
The song was renamed "Waif Me" for Wal-Mart and Kmart stores, which found the actual title too controversial.
It is generally well documented that Cobain was high on heroin during this version and if you can get past the lyrics it's a pretty rockin' song. Also Cobain maintained that the song wasn't about actual rape, but about what the music industry was doing to his music.