Lyric discussion by Rememberthisusername 

danimals, it's very cool to get your own interpretation of a song, but this is definitely another song dedicated to the Cthulhu mythos by H.P. Lovecraft.

obvious references: "Echo cthulhu's screams," the chorus involves the "Old ones" - gods in the mythos, references to the galaxies and to the seas, etc...

I love this one, but Thy Horror Cosmic has it beat.