Lyric discussion by skirt 

He's clearly having an out of body experience - he's describing his view of himself as a man drowning and then as a man being rescued. The song is playing on the idea of how people describe out of body experiences in general (which they describe as "floating" outside of one's body) so as his body floats to the surface (coming up for air) his spirit or essence floats somewhere above him. Neat.

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