Standing In the Sun Lyrics

Lyric discussion by JadedOne 

Cover art for Standing In the Sun lyrics by Howie Day

I heard this song back in April when Howie played at Kent. I am still trying to figure out what it means, though. I get a couple of angles from the lyrics... did this person jump into something too fast, and it fell apart ("I know you and I should've known better")? Or was the person too afraid to do something about a situation he/she was in ("standing in the sun/ I should've gone out there")?

Regardless, it's a good song.