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Porcupine Tree – Drown With Me Lyrics 16 years ago
There's a theme to the songs recorded for In Absentia, touching on themes like serial killers and sociopaths, but knowing Wilson's lyrics there are usually multiple intended meanings.

I think you could interpret that much of the song is about a serial killer who strangles women, possibly seducing them first. (referring to "Your coil has been wound up tight") and uses the bodies for sexual gratification, then discards them in a body of water (likely a lake or other bit of standing water) when the bodies begin to decay (lost your looks)* where he has a "family" of other victims. It's possible that he contemplates that he's done horrible things, even contemplating suicide as a measure of atonement. (perhaps he hears them pleading "Drown with me") But decides against it (don't feel you've let them down because they've already drowned) because - how can a corpse feel let down? They're dead now and tehre's no sense in the killer's mind in feeling sorry for them.

Now aside from that angle, it could also be the less morose dissatisfaction with a relationship, and the desire to put it to an end due to his partner not turning out how he thought she would. the "drowning" could in that case refer to tears or strong emotions when the "coil" of the relationship is unwound, with the lines "you're drowning in family there" meaning that she's going to her friends and family for comfort and absolution, and "don't feel you've let 'em down" meaning that he needs to move on since the relationship is already dead.

* This information can be up to 15 minutes delayed.