Lyric discussion by shokwave 

i think this is kinda about being down and out, or at least believing you are down and out, interested only in destroying yourself ("my gin" and "the ledge", alcoholism and suicide).

someone talked him out of it ("argued me back" and "dump down the drain")

now he's saying you are only down and never out - it's raining but underdogs don't drown, step into the bullets but you won't be shot down - basically it's never over, it's never done, and you've never lost as long as you're still trying.

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