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The Submarines – 1940 Lyrics 12 years ago
I think that this song is the narrator speaking to a potential love interest. He's scared to enter a relationship with her ("Something's wrong when you regret things that haven't happened yet"), possibly because he's been hurt in the past ("You couldn't sleep for the awful fright that kept you up in bed last night"), but she's telling him that the past is in the past, that he should let go of it, and that he can be happy with her in the present ("So rise, and shine, now's the time to be alive, to stay awake with me a while, and smile"). The night/dark is a troubled past, and the bright morning is the beginning of a happier future. Just my take.

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