The following post was inspired by a reviewing of The Last Picture Show, so you'll pardon the extra twang (or not).
From the Wikipedia entry:
"The Wild Side of Life" is a song made famous by country music singer Hank Thompson. Originally released in 1952, the song became one of the most popular recordings in the genre's history, spending 15 weeks at No. 1 Billboard country charts, solidified Thompson's status as a country music superstar and inspired the answer song, "It Wasn't God Who Made Honky Tonk Angels" by Kitty Wells.
"The Wild Side of Life" carries one of the most distinctive melodies of early country music, used in "I'm Thinking Tonight of My Blue Eyes" by the Carter Family and "Great Speckled Bird" by Roy Acuff. That, along with the song's story of a woman shedding her role as domestic provider to follow the night life, combined to become one of the most famous country songs of the early 1950s.
According to country music historian Bill Malone, "Wild Side" co-writer William Warren was inspired to create the song after his experiences with a young woman — a honky tonk angel, as it were — who "found the glitter of the gay night life too hard to resist." Fellow historian Paul Kingsbury wrote that the song appealed to people who "thought the world was going to hell and that faithless women deserved a good deal of the blame."
Thompson's original 1952 recording (you know you're curious about this screencap of that, er, honky tonk, uh,...angel):
Here he is a couple of decades later (January 1980) performing it on Hee Haw, so....hee haw!:
Finally, here is a video I edited that includes the scene from The Last Picture Show in which "The Wild Side of Life" is so poignantly and powerfully used, along with a similar (I think) scene from another movie and universe, tacked on the end. So hee haw! again: