Lyric discussion by Camb06 

Cover art for Freudiana lyrics by Alan Parsons Project, The

it is, actually

though this album was mostly written by Eric Wolfson, Parsons was involved with the work. However, it is more commonly attributed to just Eric.

But what isa the significance of the Wolf-man, the Rat-man, Anna-O and Little Hans?

They're all patients of Freuds'. :^D The guy is reading about Freud and his work and wondering if he can gain any insight into his own problems from it I think. The Wolfman had dreams about wolves outside his window in a tree which Freud believed was a manifestation of a repressed memory of seeing his parents getting romantic when he was one. The Ratman was an obsessive compulsive who had frequent compulsive fantasies that his fiancee and father would have a bucket of hungry rats tied to their rear resulting in them being eaten. This was from a story he was told...

@Camb06 And likewise, Rat Man, Anna O and Little Hans were pseudonyms of famous case study subjects of Freud. Rat Man was obsessive-compulsive and one obsession was a morbid fantasy about rats. Anna O. had hysteria and neurological symptoms. Little Hans was a boy with a phobia of horses. They're all on Wikipedia.