Well I've listened to this song since it came out, and i hung out around Helvette and Bergen, Norway during the time of this songs inception (1990-1994). I've found that it might be about falling in a lake when he (Per Yngve Ohlin, AKA "Dead") was a kid, and trying desperately to swim up to the hole in the ice. the illusion of the moonlight shining through the hole in the ice, aka the FREEZING MOON. it could also be a reference to the fact that he was pronounced clinically dead (lol he took the name "Dead") after getting the fuck beaten out of him in grade-school by some douche-bags because they ruptured his spleen. Some speculate that he suffered from something called "Coutaurd's Delusion" in which he literally thought he was a walking corpse on a day to day basis. A sad, but darkly epic rise to his position as lead singer of the darkest metal band ever conceived; Mayhem. RIP, well rest however you want Dead.