This song is about the suicide of someone close

The lyrics "Your body may be gone, I'm gonna carry you in.
In my head, in my heart, in my soul." are talking about how he will always remember them.

"And maybe we'll get lucky and we'll both live again.
Well I don't know. I don't know. I don't know. Don't think so."
(Saying that mabe when he dies they will be reunited in heaven but he doubts that there is even a heaven or the other person will be there but doubts it because suicide is a sin)

Also he talks about enjoying the simple things in life like tasting the ocean breeze in the lyric "The ocean breathes salty, won't you carry it in?
In your head, in your mouth, in your soul."

Well that is that and this is this.
Will you tell me what you saw and I'll tell you what you missed,
when the ocean met the sky.
You missed when time and life shook hands and said goodbye.
When the earth folded on itself.
(listing all the things with person missed because they or commited suicide)

You wasted life, why wouldn't you waste death?
You wasted life, why wouldn't you waste death?
(Talking about wasting (taking) ones life in suicide so saying that if you wasted life why not waste death?)