As for my opinion, it is about hallucinogens, probably psilocybin mushrooms or LSD. I don't think that "little girl" has much to do with the meaning, it is just filler. My reason for this opinion is the verse beginning with "Last night" and ending with "lousy candle's all I found". Basically he was having a good trip, hoping he could stay like that but it ended, and looking around, he just found a candle that he had lit.
The song's definitely not about a fraternity, as stated here in the lamda chi alpha official publication:crossandcrescent.com/2006/07/carpet-ride-unraveled/
As for my opinion, it is about hallucinogens, probably psilocybin mushrooms or LSD. I don't think that "little girl" has much to do with the meaning, it is just filler. My reason for this opinion is the verse beginning with "Last night" and ending with "lousy candle's all I found". Basically he was having a good trip, hoping he could stay like that but it ended, and looking around, he just found a candle that he had lit.