He says "Urrgh, I think I'm in lerv". He says he thinks he's in a place called LERV. It's code. He's a character in the LoVER card in tarot, but not just any character, an original character. The deck was drawn for him in a way. (Tarot is a teaching tool of very old pictograms, not strictly for reading fortunes and parlor games.)
So here's the card:
In Chapter 9 of Oswald Wirth's book The Tarot of the Magicians, OW writes of the lover card seen in the light of hermetic philosophy:
(The Lover, the two paths or the young Hercules choosing his career.) Two diverging paths lead to the dignity of the great master, one is dry, the other humid. The first is rational and the second is emotional, for the gold of the philosphers can be obtained either through the nature of the intelligence and the acquisition of knowledge profoundly understood, or through the sincerity of a love confident, trusting, which follows completely the dictates of the heart. According to the natural aptitude of the operator, he goes boldly into the work either as a philosopher anxious to realize the ideal which he concieves, or as a mystic aspiring to conform to Divine intentions. The Philosopher's Stone is the attribute of both the successful Wise man and the true saint.
So in the song he claims to be a ghost. His dad is like, "Son, you gotta pick one." It's a lament that he has to sort out whether he's humid or dry himself and find COSMICALLY his complimentary mate who will be the humid to his dry and dry to his humid. He says he;s in the lover card because he has chosen that path, not an easy one. The dilemma is he has to be both a philosopher, a mystic as does his mate and he can't go nuts in the process. In short, he's saying he's in this card, he's the armoured one AND one of the ladies, his complimentary androgyne. Man can't achieve the philospher's stone alone. Blah, blah, blah.