Chriss, you are a dumbass! It has nothin to with Islam!
The song is talkin about how you need to keep your "lights" on, meaning to be aware of everything. "There's a monster living under my bed" is talkin about evil things will try to tempt you. "There's an angel with a hand on my head, she say say I got nothin to fear" means that there's always an angel watching over you & you shouldn't fear anything.