The song "Paul" by Cavetown is a melancholic reflection on a past relationship that has ended. The speaker recalls a time when they were with someone named Paul and almost let him in, but ultimately caught themselves and didn't pursue anything further. The two individuals then go for a drive around a freight train yard and drink together, with Paul revealing his love for the speaker.

The chorus of the song lists different personas that the speaker is willing to adopt for Paul, suggesting that they would do anything to please him and make him happy. However, the second verse reveals a sense of sadness and desperation on the part of the speaker, as they realize that no one can truly help them with their own personal problems.

The final verse shows a clear break between the two people, with the speaker acknowledging that they will only bring pain to Paul and choosing to push him out of their thoughts. The outro reveals that they were deeply in love with Paul and still burn for him even after they have gone their separate ways.

Overall, the song can be interpreted as a reflection on the complicated nature of relationships and the pain that can come with letting someone go, even if it's for the best. The speaker seems to be coming to terms with their own emotional limitations and deciding that they need to prioritize their own well-being.