What story is the music video Snuff trying to portray?

I am going to kick off this answer with 'I think', therefore it may not fall into the acceptable range as outlined by the FAQ. For that reason the question itself might be on shaky ground - but I would like to see a decent debate about it in the meta.

That said...

I think the video can be interpreted on several levels, but the main theme I took away from it was one of all-consuming love. The man in the film, initially presented as a stalker, has lost the love of his life. The woman entering the room, undressing and washing is a figment of his imagination. However, there is a point where the roles cross over and become blurred, evident by the reveal at the end that it is he who has taken on the woman's persona, clothes, make up and all.

For some reason I was reminded of Macbeth. For me, Macbeth was a weak character, controlled and ultimately possessed by Lady Macbeth, and in a way the woman in this story (through use of repeated voice over) is the possessing force, consuming the man's very soul. This is why we get the scenes of mental anguish as he struggles to adhere to his promise to her, to never let her go. There's even a bloody hand washing shot which made me think of "Out, damned spot..." but I might be stretching things a bit here.

Why does Malcolm McDowell's character react the way he does to the woman at the beginning and then to the man? Perhaps a time frame issue, or even another construct of the man's broken psyche.

I'm interested to read other interpretations for other users... but I'm also acutely aware that we are treading on thin ice here ;)

I'm going to give you the literal translation of what I believe the video means. To me it looks as though we have a broken hearted man who's stalking his former lover to the point of obsession. Finally he breaks and kills her (backed up by the 2 second scene from 5:46-5:48). At this point he has undergone a complete mental break and begins to impersonate his lover, this is when Malcolm Mcdowell's character realizes the former tenant is actually an impostor. You can say that the video can be interpreted on multiple levels, but this is actually a fallacy called "argument to moderation". I'm not trying to insult anyone, as the first answer does seem to be well thought out and probably does have some relevance.

The way I interpret it is that he killed his girlfriend. The name of the song kinda made me think that. A Snuff film is when someone records a real murder and makes it into a movie.

I think the parts when he is dressed as a women is right after he did it and he's leaving dressed as her, that's when he is in the apartment. The rest of the time you see him in the apartment they are flashbacks, he's remembering things that happened there.

Broken hearted man consumed by thoughts and memories of her...like a ghostly memory throughout his apartment. She is dying and don't want him to forgether. She wanted him to hold on to her memory....why would he dress as a blonde woman? He is so consumed by her death he says 'You will never let go' instead of 'I;ll' never let go. She was selfish to ask him to do this, but he loved her so much he could not get over her no matter what he tried to do. A memory...he cant escape it. She, even in death, makes him angry at her for dying...'you sold me out to save yourself' - as in you put me on the line to make yourself...she just didn't want to die alone. Why does he wear a blonde wig when his gf is obviously dark skinned and a brunette? It's a metaphor on his state of mind and how everything he did was consumed by her. Him dressed as a woman walking in public is a metaphor on him finally accepting it and moving on, everybody knowing he's a broken man now.