Lyric discussion by crispingsleeve 

I've always assumed that 'water' is a metaphor to the drugs. The lines:

By the shoreline, will you be fine? Or will it cover you? And when you taste it, will you embrace it? What will you let it do to you?

especially hammer this point home. If you're in a situation where you're very close to the 'water', will you be ok? Will you become an addict?

I have to say...

I hate that so many songs are refered to drugs, not becuase I find them a bad subject, but because I like variety. But this interpretation seems very likely.

I like the above interpretation a lot. I however, had another slant on it. I think the song might be about the temptations of having an affair. You see him/her (the object of a possible affair) in the water and you're trying to decide whether to jump in with them (have a physical relationship) or to remain on the shore (playful flirtation). The song is also saying don't be fooled into having the affair because it just won't work out for you. But again, I love the reference to this song being about drugs. That makes as much sense as...

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