Lyric discussion by anna118k 

Cover art for Air lyrics by Ben Folds Five

This song seems to be about him pulling someone who's drowned out of the water at first-- But the last two stanzas seem as if he's referring to himself. "I'm coming up for air They hold my hand And ask me to pull through"

Perhaps.

I think he's referring to himself the whole time. It was a near death experience for him. He pulled himself out and also watched over the whole thing. "I saw two of me there."

My Interpretation