Its a song about a guy who keeps messing up his relationship with the love of his life. He tries to drink it away but finds out whiskey doesn't solve everything. He wants her to call because hes too scared too, and wants to talk to her without feeling too ashamed of himself, ie, 'look her in the eyes'. He knows hes been a fuckup and wants to make it better, and wants her to stay with him. He wants to 'hang their hopes from the stars' as in, plan their future together.
I love this song.