I think that this song is the narrator of "Once In A Lifetime" before reaching the point talked of in that song viewed through the eyes of those around him, watching him "digging his own grave", worrying about the future and implied rather than the constant ("let the water hold me down"), present, happening, and he still views time as holding him. It is the idea of a construct vs. a constant, so to speak.
I think that this song is the narrator of "Once In A Lifetime" before reaching the point talked of in that song viewed through the eyes of those around him, watching him "digging his own grave", worrying about the future and implied rather than the constant ("let the water hold me down"), present, happening, and he still views time as holding him. It is the idea of a construct vs. a constant, so to speak.