this is Snape thinking about his life and how hate and anger took him down a path he wishes he never took.He blames himself for the death of the only woman he ever loved.He wants to help her son if he will let him.
Ok, so I found this Music-Video a couple years ago, and well... take a look for yourself. If this does not strongly recemble a young Severus lovesick for Lily, then I don't know what to belive in.