Tourniquet

Clearly this song is about suicide and the religious stigma attached to it.

She has already begun the process of killing herself (I always envision something more dramatic, like wrist-slashing-- it is both relatively slow and involves bleeding), and it's going slowly, so that there's time for the thoughts (unless the song takes place in some sort of purgatory) that accompany it.

The actions are pretty straightforward. They're dying, and now they're regretting having taken that action. Particularly, the regret centers around religion; in the Christian tradition, suicide is a condemning sin. However, the second verse implies that the suicide victim has been "lost" long before their suicide. They once knew God but fell away from it, but return now at the hour of their death.

The last verse sums it up: They want to die, but they don't want to be condemned as an unsaved sinner-- they want deliverance, and genuinely. The result is unclear by the lyrics and the sudden cut-off ending into a soft, mournful elegy. They could be sadly saved in death, or bitterly denied.