I believe this song is intended as a warning to people that are socializing with others who've recently been damaged emotionally.

"Dress to kill you look so right,
I am drunk with lust tonight
Your wounds are opening wide,
And the might be just my size."

It would seem like Dallas Green is offering insight about the battle between love and lust. Alternatively, it may mean that the person was emotionally damaged in a similar way to "the speaker" and the similarities were so many that it caused fatal attraction.

In the second verse it would seem that the speaker is revealing his hypocritical nature. The speaker may enjoy dwelling in the familiar ("Now I'm afraid of open water, but I often bathe in sin.")

Continuing with the second verse the speaker seems to be explaining a feeling of guilt for being so attracted to the individual he is speaking of. Also, it would seem that he wants her to stay away from him while they are both emotionally damaged and prone to lustful interactions.

The rest of the song just reinforces the ideas placed in the first part of the song which is the longing to be with a person he feels he shouldn't be with and the resulting moral battle.