He is living in his own fantasy world, I say this due to multiple reasonings. For one, he is running on little to no sleep what so ever. The reliance he has on Valium is a take away as to why he is going through this Alice in Wonderland type feeling throughout the song. In the into, he states " It felt so real to me" - implying he knowingly isn't in a clear state on mind. He then proceeds to speak of a woman and the endeavors they've had with one another. What is most interesting (In my opinion) is that he speaks of how he "Cant stay awake" because he was things to do, which to me brightens the idea, even more, that he is consistently living inside his head because he can't handle the reality of life. The "rave" he speaks of represents a specific dream he has while deep in his slumber. He has a passion for this rave and proceeds to study it. He clearly is a restless individual, not being able to relax when he is awake, it seems he has to hold himself together when he goes out into the world, fake a show for his peers and what not. Or tbh he just drunk asf the entire song idk man.