i think this song has a lot of potential, but sounds too sparse. of course, re-take the guitar with one that's tuned properly, and if possible hire a mandolin player and use a good amount of reverb, ala "Losing My Religion." also, inquire locally about hiring some session string players. make sure you have charts written out before they arrive - this will make for a much more efficient session. at MINIMUM, write out parts for contrabass, viola, cello, and violin. If you want that big emotional string sound, though, you'll want more.
Also, i think this song would benefit from a female singing the vocals, as opposed to the mentally-challenged tenor you have on this version. if you can find a female bass in your area, it would be well-worth the investment. A female bass singer would add a low, sultry touch to the string section i mentioned earlier, and would make the "he want to eat your cat" line elicit tears if pulled off with a nice high-end ribbon mic. If you can't splurge on a mic, at the very least go with an AKG-414. Sometimes I like to use two or three mics on one singer- then i can pick & choose which one sounds best in the mixing stage, or create a blend for certain parts that need more emphasis.
I like the unrehearsed laughing in the background, but perhaps you could take that a step further - find a local community choir to do some filling in for you at key parts. Usually these types of groups are booked up around Christmas time, but have little to do the rest of the year- i bet they would JUMP at the chance to be involved with this project (maybe even do it for free

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After you finish the song, make sure you invest in a good master. Your ears may be burned out after working through the entire process, so let a seasoned professional have a crack at sweetening and mastering! You'd be amazed at the wonders a fresh set of ears can have. Plus, it'd be a shame to release a polished, great-quality mix without having it all ready for radio play. I have a feeling this track could be huge with the right treatment & promotion.
Hope that helps!