This song is about experiencing altered states and the transition from ordinary mind to altered mind-states. The "she" figure in the song may mean the shakti energy of the universe, or the void, emptiness. Regardless, this song to me is about a union/play between human and divine.
Some of the lyrics are just amazing: "my liquid silver arms, extended" is descriptive of the feel of tripping as the sense of the body can feel soft, fluid, and malleable.
"I am fire, where's my form?" is perhaps my favorite line. A person becomes fire in ecstatic, blissful altered states, and form is at that point transcended, or at least malleable, changeable, potential (where is it?).
Also, "to float away with you, we see the corners where nothing happens" is just brilliant. This means that one must tune into the silence, the space in experience. Focus away from particulars and content of experience to the silent spaciousness and then you will "float away with her" (be drawn into the void, other dimensions).
If these guys want to make psychedelic music (which I think they do from some interviews I have seen), then they have succeeded with flying colors. This is a wonderful, mysterious, and uplifting song.