I think this song is about a guy and a girl that keep coming back to each other, even though they are not good for the other... That the boy is the girl's fall back 'mistake'. Line by line being:

"I'll fascinate you for a while... in wait to please" < We'll have 'fun' together>

"Wake up to realize all I'd done... breaking strings... leave you undone."

"I will not stay if you ask me to stay, Do not ask me to stay because I will not stay"

"You resignation, dont simply file... Your love... What I wake up to find, All Ive done is unkind
All youre gonna feel is untied."

"Why do we always collide, stuck onto different sides, why do we always collide."

That's just my reading, based on the 'parallels' I saw with my own life. If you're a twilight junkie this is Bella, and the boy is Jacob.

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Bugger, I forgot the carrots take things out. *sigh*

"I'll fascinate you for a while..."
--- You can I will hook up and have fun, I'm willing

"Wake up to realize all I'd done..."
--- Realize the mistake made and how she will hurt the person and how it possibly ruins/taints their friendship.

"I will not stay if you ask..."
--- A complete lie, it's the whole protesting too much thing. She says that she won't even though they both know that if he asks she will stay- all she needs is an excuse.

"Your resignation, don't simply file, your love..."
--- Again they do what they do, and she remembers why it's bad and laments because she knows- and he knows- that all she will do is hurt him. Because while he most-likely really loves her, he's just a person she can fall back on, a booty call, that is also an emotional booty call.

"Why do we always collide..."
--- It doesn't seem to matter what they do, or how far apart they are, when they need the other- even though they know it's wrong, they still come together. The girl does it knowing she'll regret it, and the guy does it know that he'll get hurt, and she's wondering why they keep doing when they know how it ends.