Lyric discussion by shinjiikari 

Cover art for Air lyrics by Ben Folds Five

*saw, oops typos. anyway, since that is between the stanzas where everyone believes he is talking about two different people, the former being another, and the latter being himself, it would seem that it tells you that he is talking about himself. But once you come to that realization, reading the lyrics in their entirety, again, might lead you to believe that he was himself all along, in the water... I dunno.