First, you are assuming that lyrics are meant to make sense. This is not always the case. Nik Kershaw's The Riddle, for instance, was compiled by throwing together random phrases that appealed to the artist.
Second, you have to realize that song lyrics, like poetry, often invert or simply butcher the grammatical syntax of a sentence, and that words may be omitted. This is often compounded by the fact that modern lyricists, in contrast to famous poets, don't have a great grasp of grammar to begin with. So, you have to translate the lyrics back into proper English before they'll make sense. For instance
"Living in my own world, didn't understand, that anything can happen, when you rake a chance.'"
becomes
"Because I was living in my own world, I didn't understand that anything could happen if I took more risks."
Sean, EssayForum.com