11:11 P.M. (CST)

so, here's the deal, he still likes her, and is still waiting for her, hence the metaphor 11.11pm. the name title also plays on the fact that its about to hit 12 , so there's a certain sense of urgency to the situation as well, also showing how problems got procrastinated to such a late point in time(maybe she cheated on him? neevr apologised, or denies it). this COULD be the last time , not to throw their dreams away,before the next day(aka 12) where they go their separate ways irreconciable.but deep down he hopes things really do work out!

OR

A slightly different scenario, would be he and a girl have feelings for each other, but she has a man in her life, and he thinks that man doesnt treat her that well, yet she puts up with it "did he call you down , are you back just yet?" (this could be just himself though) shows as if her boyfriend doesnt really bother to call to see how she' doing , her well being and that instead, she should "waiting now, you should come and set me free" instead. that she would free him if she chose to be with him. And he keeps insisting that SHE KNOWS that theyre meant for each other "It's a chance to fix mistakes One more for the last time Don't you throw our dreams away" however , like the title suggest, he's about up to have it with waiting, and wouldnt wait for her much longer, and puts the onus on her to make the choice "don't you throw our dreams away, this could be the last time" to be together finally.

at the end of the song they sing the chorus the lyric with slightl changes to"Now we've made our last mistakes" showing her its alright to make errors, but now its time to listen to her heart and to be with him "It's only ours It's only now It's only tonight "