Lyric discussion by mj93 

to me this song is like a sequence of events in a relationship that almost happened

"I don't know you but I want you all the more for that"

the beginning - he sees her and wants her, the mystery of not really knowing her adds to the desire

"words fall through me and always fool me and I can't react"

they don't speak. he can't talk to her because he's nervous and love-struck/lust-struck.

"games that never amount to more than they're meant will play themselves out"

this is where they start to communicate... they make eye contact and send each other signals that they might like each other, all without speaking. however, the games end and it's too late ("played themselves out") for whatever reason. maybe she got a boyfriend or she couldn't see him anymore.

"take this sinking boat and point it home we've still got time"

so their chance seems to be slipping away ("sinking boat") due to whatever happened. but he knows that life goes on and it might work out eventually ("we've still got time").

"raise your hopeful voice you had the choice you've made it now"

she had a choice to raise her voice and talk to him, but she didn't. she made the choice not to, so the chance slipped away. the boat is sinking if you will.

passed that point is kind of going into more detail/summarizing what has happened:

"falling slowly eyes that know me and I can't go back"

the eye contact and games they played got him hooked.

"wounds that take me and erase me and I'm painted black"

once she was gone he got depressed.

"well you have suffered enough and warred with yourself it's time that you've won"

you have to understand that the games are kind of painful because your emotions go so high and so low depending on how the other reacts to what you do. it's really stressful.. "warred with yourself" represents it. "it's time that you won" is him saying that he's accepting her departure.

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