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Closing time
Open all the doors and let you out into the world
Closing time
Turn all of the lights on over every boy and every girl
Closing time
One last call for alcohol, so finish your whiskey or beer
Closing time
You don't have to go home, but you can't stay here
I know who I want to take me home
I know who I want to take me home
I know who I want to take me home
Take me home
Closing time
Time for you to go out to the places you will be from
Closing time
This room won't be open 'til your brothers or your sisters come
So gather up your jackets, move it to the exits
I hope you have found a friend
Closing time
Every new beginning comes from some other beginning's end, yeah
I know who I want to take me home
I know who I want to take me home
I know who I want to take me home
Take me home
Closing time
Time for you to go out to the places you will be from
I know who I want to take me home
I know who I want to take me home
I know who I want to take me home
Take me home
I know who I want to take me home
I know who I want to take me home
I know who I want to take me home
Take me home
Closing time
Every new beginning comes from some other beginning's end
Open all the doors and let you out into the world
Closing time
Turn all of the lights on over every boy and every girl
Closing time
One last call for alcohol, so finish your whiskey or beer
Closing time
You don't have to go home, but you can't stay here
I know who I want to take me home
I know who I want to take me home
I know who I want to take me home
Take me home
Closing time
Time for you to go out to the places you will be from
Closing time
This room won't be open 'til your brothers or your sisters come
So gather up your jackets, move it to the exits
I hope you have found a friend
Closing time
Every new beginning comes from some other beginning's end, yeah
I know who I want to take me home
I know who I want to take me home
I know who I want to take me home
Take me home
Closing time
Time for you to go out to the places you will be from
I know who I want to take me home
I know who I want to take me home
I know who I want to take me home
Take me home
I know who I want to take me home
I know who I want to take me home
I know who I want to take me home
Take me home
Closing time
Every new beginning comes from some other beginning's end
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Although Eamon provided the most official answer nearly two years ago (great memoir, by the way - highly recommended reading for fans of music), I still feel it bears worth mentioning that it is wrong to attempt to force a fixed meaning upon a song. Even if the writer of the song or someone in the band has his or her own concrete explanation of what the lyrics are supposed to mean, that's not going to stop people from ascribing their own meaning to a song, as it very well should not.
I had never considered the graduation angle, but I do like it and can see how moving it would be under that circumstance. The literal interpretation still works best for me, however. Closing time. Last call. Drink up and get out. You don't have to go home, but you can't stay here.
etc etc.