Lyric discussion by kidmaxxxx 

Cover art for White Rabbit lyrics by Jefferson Airplane

Clearly the song is about drug use in correlation with the Alice in Wonderland story, but no has mentioned a deeper meaning that goes along with the song as well...This song is also an anti-war song, (Vietnam). As were many songs during this era. They don't explicitly say this, but you can definitely draw parallels:

"And if you go chasing rabbits And you know you're going to fall," (War)

"Tell 'em a hookah smoking caterpillar Has given you the call." (President/draft)

"When the men on the chessboard Get up and tell you where to go" (Government)

"When logic and proportion Have fallen sloppy dead," (Lost cause, failure of Vietnam)

Clearly yes, it is a hallucination about drug use and a commentary on such, but I do think there is a deeper meaning in these lyrics...Jefferson Airplane were very anti-war so I can see this song as being a metaphor for the war as well...The white knight, and the red queen, perhaps countries...hmm interesting trippy song this classic is :)