So I think he might be literally referring to being a fool in the rain. He makes plans to meet up with this girl on a street. And now he "stands on the rain in the corner" meaning it keeps raining and he keeps waiting and still nothing. However towards the end of the song, he says he's a fool waiting on the wrong block. Meaning although he's been waiting so long, he's been standing there like a fool, in the rain. A fool because he's on the wrong block.
So I think he might be literally referring to being a fool in the rain. He makes plans to meet up with this girl on a street. And now he "stands on the rain in the corner" meaning it keeps raining and he keeps waiting and still nothing. However towards the end of the song, he says he's a fool waiting on the wrong block. Meaning although he's been waiting so long, he's been standing there like a fool, in the rain. A fool because he's on the wrong block.