Lyric discussion by McShine 

Cover art for Wound lyrics by Smashing Pumpkins, The

To me it sounds like an extremely unstable man that fears everything(hence the chorus(Last night I turned around I thought I saw myself turning Last night I turned around and thought I watched the world ending ) which informs us that he can't even get away from his pain in his dreams, so he kinda lives a dual existance where he's constantly going from the real world but when the "wound opens" he's kinda trapped in an endless nightmare where he see's the world ending but then he wakes up and his girlfriend is thier worrying about him,