Lyric discussion by Teabeard 

It means his life is going nowhere and is basically "burning away". Compare this song's lyrics to Pink Floyd's Time and you will see the theme seems to be pretty much identical.

What the writer of the lyrics (Glen Phillips) may be waiting for is "someone or something to show him the way", but as he states in the lyrics: "I am only just as much as I can make myself". So he needs to be able to help himself, but the lyrics state that he can't help himself.

So to me the song seems very clearly about struggling to find meaning or direction in life, and the waiting is about waiting for something to happen rather than going out and actually making it happen.

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