"Tracy" is 7 minutes 22 seconds long and played in the key of E minor, in 4/4 time. The song opens with ambient guitar noise and a bassline played by a bass guitar, which is joined at (0:06) by the sound of the first of two prank calls heard in the song, between Stuart Braithwaite and Will Simon—Braithwaite playing a joke on Simon, discussing what to do after a fight in the band while at the studio. At (0:53), a drumbeat enters, along with the quiet electric guitars in the background which slowly become more predominant.