Lyric discussion by FarkM3Dead 

Cover art for Sleep lyrics by My Chemical Romance

To me this song seems to be comparing real life to the horrors of Sleep Paralysis, which is probably what Frank was experiencing at night in the hotels. When in sleep paralysis you experience horrible things because your body begins to get scared and starts to make things appear in front of you while you are awake that should be in your dreams. Sometimes it can feel like you are dying because it is painful at times and other times you see horrible and disturbing things. Sometimes when you hear a loud noise or somebody moves your body you can wake up from sleep paralysis, thats what I picture the WAKE UP at the end being.

I dunno if I am right but that's what it seems like to me.

My Opinion

That's genius! How didn't I think of that? I have Sleep Paralysis very often, and I can relate to what you just said.