Some lyric analysis:
"The circle of rage" = Mosh pit.
"The ghost on the stage" = The singer of the band. someone who is there, but you can't touch.
"Ghost stories handed down, reach secret tunnels below" - The Phoenix theater is believed to be haunted, particularly the basement. It is said there is secret tunnels under the club.
"No one can see me" - Because is is such a part of the music and the moment he blends into everything, he doesn't stick out.
"Our dreams seemed not far away, I want to stay" - AFI realizing that they shouldn't break up, they should stay a band.
"I fell into fantasy" - Davey has been quoted as saying that in life all he has ever wanted to do was be in a band. his fantasy is a reality.
"The girl on the wall is always waiting for me, she was always smiling" - in the phoenix theater, there is a girl who is smiling, painted on the wall. It can be seen from stage.
"Teenage death boys, teenage death girls" - The punk rock kids at the shows."Everyone was dancing, nothing could touch us then" - every one moshing and having fun at the show, nothing else in the world mattered at that moment.
Josh - Redlands, CA, for above 2