Well it sorta is..the band is using "alien abduction" as a metaphor for saying he feels lost, not securely on earth, his head is more in the clouds. So really, the song is actually about how that person then try's to kill them self. "You know that I was hoping that I could leave this star crossed world behind". But he ends up living and realizes that there is more to life. "Now I'm back at home and I’m looking forward to this life I live" And goes on to say how that experience being so close to death will always haunt him. So he then tells everyone to really look at the good moments in your life before you do anything extreme, like killing your self! "You know it's going to haunt me So hesitation to this life I give You think you might cross over You're caught between the devil and the deep blue sea You better look it over before you make that leap"
And at the end of the song it does say, "It's all in my mind".

I also think its about an alien abduction.

I agree I thik its about alien abduction, like the guy was taken in the midle of the night "they ripped me from my bed"

I think its about aliens too,think about it,"it started with a low light next thing i knew they riped me from my bed."tha says aliens all over it.

i never really thought about it that way... but that sounds about right!

its about drug use, just so u know :)