See Slim, shut up bitch, I'm tryna talk
Hey Slim, that's my girlfriend screamin' in the trunk
But I didn't slit her throat, I just tied her up, see I ain't like you
Cause if she suffocates she'll suffer more and then she'll die too

from Eminem (Ft. Dido) – Stan Lyrics on Rap Genius

Meaning

A “Stan” to the end, he even copies Em in his murderous rages. The “girlfriend in the trunk” scenario comes from Eminem’s “father/daughter bonding” song: “‘97 Bonnie and Clyde”

Although Stan, being a true obsessive, knows that in the song, the woman was already dead when Em dumped her in the lake. He’s going to go one better, and have his girlfriend suffocate after being dumped in the water. We know she’s alive in the trunk because we hear her screaming from “See Slim?” up until the car hits the water…

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