Lyric discussion by ScreenNameNeeded 

Cover art for Denied lyrics by Our Lady Peace

This may sound wild as no one else has offered up this particular guess but I was actually wondering if it may be describing a domestic dispute that got so out of hand that it led to fatality. The disconnection of the phone lines and burning the TV could be him attempting to cut off all communication while he figures out what to do next. The last little bit about the third hour, subsiding conscience and lying may be him forgiving himself in his own mind, putting the blame upon the victim by saying that she did something to deserve this. This was the first thought that came to my mind but all of the other explanations above sound like good ones as well. Unlike RileyLewis, I have never seen the original lyric and so he has insight that I don't have. Anyway, just thought I'd throw this possibility out there as wild as it may sound.