Lyric discussion by steelyd 

Cover art for Serenade lyrics by Steve Miller Band

And can't help but thinking that parts of the lyrics are about some sort of drug experience.

"Did you see the lights As they fell all around you Did you hear the music Serenade from the stars

Wake up, wake up Wake up and look around you We're lost in space And the time is our own"

Seems as typical lyrics revolving around hallucinogenic experiences. Lost in space (well yeah) and the time is our own (loss of time orientation during hallucinogenic trips). I am not aware of Mr. Miller's habit of drug use during this time, but it seems to me that this entire album (at least the first five songs) is quite spacey and it wouldn't surprise me if some LSD or similar was part of his life.

My Interpretation