Having been raised in the south, and lived in Memphis, TN - a center of "hoodoo" magic - I can tell you that the "hand" in the second verse refers to a "Mojo Hand", not a "Hand of Glory," two very different things. A "Hand of Glory" is a candle made from the hand of a hanged person, used in black magic rituals.

Mojo is a term used in "hoodoo" magic, a form of Americanized voodoo originating with slave culture in the South. The "Lucky Mon Gol" company in Memphis, TN was a major producer of hoodoo "curios" (oils, potions, etc.) A "mojo hand" is the bag, worn around the neck by men or around the waist under the clothes by women (a "nation bag"), in which one puts one's "mojo" - a collection of "curios" such as "black cat bone," "John the Conqueror Root," "quick money oil," etc. For more on the subject, Google "hoodoos and curios". If your current mojo is running low, try "www.luckymojo.com" where you can order an upgrade.