02 Panic Room Lyrics

Lyric discussion by ebsmith 

Cover art for 02 Panic Room lyrics by Riverside

I think MuminPL is right on the money, I've never seen an interview with them before, but I noticed in one of their albums, they list Akira Yamaoka as an influence, he did all the soundtracks to silent hill.
If you look at the lyrics to this song, everything points to Silent Hill The Room, 302 is the apartment that it's set in,(used to be my 302), and holes appear in the walls (peering through the hole) that the character travels through into Silent Hill, the character finds that he is locked within his apartment and looks through the spyhole and watches his neighbours knocking on his door, i think the character has weird dreams too (reccuring dreams) and of course there's the darkness that is Silent Hill that manifests itself within the apartment.
If you have seen the video aswell, there are visual elements that reference The Room, eg: a revolving door, decaying building, a bathtub (more SH3). To summarize, although I am guessing, I think the evidence is clear.

My Opinion