Lyric discussion by laurelinwyntre 

Cover art for Flood II lyrics by Sisters of Mercy, The

"[Flood II]'s certainly more focused. 'I' is 'Are you sure we really want to do this?,' and 'II' is 'Yeah, here we go!' In normal circumstances, the raising of arms is a sign of exultation but, if you're surrounded by water, it's complete submission, 'Down we go'. This is both at once." - Eldritch, [ATF]

"Bring on the wave".

As discussed above, in a nuclear attack, Hamburg could be obliterated by a tidal wave. Here Eldritch is comparing this form of obliteration with the 'little death' of orgasm.

"Raise your arms"

"It's hard to hold the hand of anyone who is reaching for the sky just to surrender" -The Stranger Song, Leonard Cohen (from the LP The Songs of Leonard Cohen ). If you raise your arms in water then you sink. The connection with Cohen's image of raising arms to surrender seems particularly apt. In fact passages of The Stranger Song are reminiscent of many of the Sisters more melancholy songs, particularly Nine While Nine .

Source: http://www.geocities.com/SunsetStrip/Club/1217/