Lyric discussion by polyethylenes1&2 

I believe it could be about something he could never have. A love he could never know. Perhaps there was a time when there was a chance (wrap me up in always and drag me in with maybe's). In fact, to me, the whole beginning is hopeful, it's all dreamy as though he's lost in the feelings of love. Then in comes the guitar and soon after Corgan comes in with "I believe in never, I believe in all the way, but belief is not to notice, belief is just some faith, and faith can't help you to escape" It's as though he wakes up and realizes all his dreams and feelings of eternal love for this woman are in vain. For some reason, he feels they will never be together. The lines "if you spin your love around the secrets of your dreams you may find your love is gone and is not quite what it seemed to appear to disappear beneath all your darkest fears" and so on are just about how he loves her so much, he feels he could never love another. "Forever frozen forever beautiful forever lost inside ourselves" to me symbolize that exactly. He is forever frozen in place. He will never love another. "The night has come to hold us young" perhaps he is talking about dreaming of her and the hope in the "hold us young" part is perhaps because in his dreams he is free to love. But this is all just my interpretation.

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