I think it describes the party scene in general. A bunch of bored ("promise me to pass the time") teenagers/young adults get together, get drunk, pretend they're all great friends ("we won't feel alone 'til morning when we disappear"), then they find a place to crash when it's over ("with the threat of dawn approaching and our interest quickly fading, we will stumble home together as we did the night before"), wake up the next morning and do it all over again.
I think it describes the party scene in general. A bunch of bored ("promise me to pass the time") teenagers/young adults get together, get drunk, pretend they're all great friends ("we won't feel alone 'til morning when we disappear"), then they find a place to crash when it's over ("with the threat of dawn approaching and our interest quickly fading, we will stumble home together as we did the night before"), wake up the next morning and do it all over again.