Lyric discussion by slacker7667 

Cover art for Michigan lyrics by Ambulance LTD

I think that the lyricist is illustrating his hypothetical suicide. The first indication of this is that the opening verses depict someone who is depressed. He then lists his flaws and promises that he's going to "fix" everything he'd done wrong. Then, the actual verse where he theoretically completes the deed is the one that starts, "But I'm gonna try / I'm gonna pave the way at night..." It says that he's praying ("singing gospels") and then he sounds relieved when he says, "Walking on blue waves," he is "out of his misery."

I may be wrong on this, so if anyone has anything else: they might be right. This is just what I got out of it.