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To me it sounds like his singing about someone who died, (obviously; hence the suicide of a friend thing) It reminds me of how people take their love ones presence for granted, and how they only relise how much they mean to them when thier gone. And how hes saying i should have stopped to think, i should have taken the time..now your gone its too late..etc. For instance when you loose someone, either through a breakup, when someone moves away or even when someone dies it really makes you think how at the time you didnt relise how important those times you spent together were..until their gone.