This classic tune is a poignant expression of longing and unrequited love. The singer finds solace in his dreams, where he can be with the object of his affection whenever he wants. The repeated phrase "all I have to do is dream" underlines this coping mechanism. However, there's a hint of sadness and frustration as he acknowledges that he's "dreamin' my life away," suggesting that he's aware his dreams are not reality. The line "I need you so that I could die" also emphasizes the intensity of his feelings. Ultimately, it's a bittersweet song about love, longing, and the power of dreams.