I believe this is a song about a guy chasing a girl, and the girl leads him on, yet she keeps him at an arms distance because of a another guy who she likes but has a distant relationship with.
Is this your salvation? Is our friendship your salvation when things turn down with the other person that's distant from you.
Is this all you can give? All you can give is what you call friendship even though the other person is there to pick up the pieces all the time.
I will not stand in reflection of someone elses dream. I'm not going to continue picking up the pieces of your other relationship all the time, while you claim we are only friends.
Meanwhile you are constantly waiting with for her to change her mind (the ship to set sail) and close the ocean of friendship between both of you.