All Time Low is from Baltimore, Maryland. In this song, they're talking about their vacation spot, Ocean City, Maryland. The week after graduation is considered your Senior Week. In Ocean City, though, the whole month of June is dedicated to graduates because every high school graduates at different times. This song explains the fun they've had, their freedom, and all the things they're experiencing.
I live in Ocean City and have since I was born. I roam Ocean City during the month of June and meet all the seniors who are having the time of their lives. It really is as fun as this song lets on.