I think that this song is about loving somebody, and knowing that they arent right for you but you stay with them anyway. "watching you drown, i follow you down" - i think this means that the person is watching their lover, watching them self-destruct, ruin things, but they love them too much so they follow them down that path just to be with them. "the lights in the sky are waving goodbye, and i am staying right beside you" - i think means that the lights in the sky, opportunity's are eaving goodbye, leaving, and still you stay with the person, knowing that as you do you are missing out on chances to be happy, to find someone else, but you stay for the love you think you feel.
I think that this song is about loving somebody, and knowing that they arent right for you but you stay with them anyway. "watching you drown, i follow you down" - i think this means that the person is watching their lover, watching them self-destruct, ruin things, but they love them too much so they follow them down that path just to be with them. "the lights in the sky are waving goodbye, and i am staying right beside you" - i think means that the lights in the sky, opportunity's are eaving goodbye, leaving, and still you stay with the person, knowing that as you do you are missing out on chances to be happy, to find someone else, but you stay for the love you think you feel.