To me, this song seems to be about a boy who felt the pain of a relationship gone wrong. He keeps replaying, in his head, memories from their time together and then is reminded again how she stabbed him in the back. "With a knife that loves to feel" as in she has done this before; "how do you know how deep to go before it's real" he couldn't let her go before so how many times does she have to do it until he can realize it. He's never comfortable with the knowledge that he would have to live without her and so "with a lie that I'm enjoying every minute with myself" explains that he gladly lives this lie if it means he won't have to lose her "she could make hell feel just like home" touches on the part about how she keeps hurting him, yet he doesn't care.