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of Montreal – Wraith Pinned to the Mist (And Other Games) Lyrics 12 years ago
Due to all the various references I believe this song is about:

* (positive aspects of) nihilism
* bedroom play
* whimsey in all things

Wraith in the Mist: Longfellow poem (which to me seems to be about the nature of what we build and how we present ourselves being pure fabrications. I didn't look up other people's interpretations because of my confirmation bias).

Pin the tail on the donkey: Simple childish party game. Whimsey

Bizarre Celebrations: Having a good time in whatever way strikes your fancy. Freeing yourself of normalicy.

Let's forget who forget what forget where: Rejecting arbitrary concepts we commonly hold to be truths.

Satyr: Usually depicted as horny dudes/fertility symbols.

Cypris: Just a Mediterranean island. A classical setting.
Bride being stripped bare: Duchamp glass craft work. Critical interpretations range from eternal suffering, to male/female desires complicating each other, to a ridicule of artistic critism itself.

Satyr in Cypris, you the bride being stripped bare: Fun/role playing in the bedroom, and references to rejection of criticism and thus categorization.

Let's pretend we don't exist: Dropping your external self and the faces you create

Let's pretend we're in Antarctica: Dropping your concepts of locality at all. Might as well be the moon, except it is still grounded on earth, so you won't be amazed at being in space. You won't care where you are at all. Also, there's not much to do in Antarctica but stay warm (a great reason to get frisky)

Tristan and Izolde: Arthurian myth about a man who becomes ill, and only Izolde can cure him.

White sails: Seen conflicting info, but the basic premise is that a code is formed where if (his friend?) returns on a ship with Izolde, he will wave white sails on the ship. If he returns empty handed, he will wave black sails. When the ship returns, the sails are white. Tristan is told (by his wife? He was having an affair with Izolde?) that the sails are black, though, so he goes ahead and dies. I think this is both about deciding to change things and have a happy ending, as well as to show that we're capable of creating our own interpretation of reality, so we should form it how we wish.

Never die, keep growing younger, you too, too lovely to be true, but I know the best things always do: Allowing yourself to see things as a farce allows you to create whatever reality you want, so you are free to believe what you wish and be happy because of it.

Sources - other answers on here, Wikipedia, and http://thesunlandictwins.blogspot.com/

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