Levitate

In conservatory
I looked at him
He was adjacent to me
I thought about my debts
He was talking about his house
In the Lake District (1)
Come levitate

In the greater hospital
My friends said HMO times three (2)
To the nurse that's what you think
The transfer mess that took two hours
Had to levitate from a grey of my pate (3)
The snazzy japes of a Basingstoke shot
Basing in stocks
Under the green frock
Below the granite complex
Needed true grit (4)
To levitate
Levitate with me
Levitate with me
Levitate with me

1. The Lake District is a large mountainous region in North West England, most of which is a National Park. It is nevertheless continuously inhabited, with some swanky homes; MES also mentions the Lake District in "So What About It?"

The second verse is set in a hospital, and Dan suggests "Levitate" could in part be referring to one of the hospital beds, which are raised and lowered.

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2. Probably a hospital in Greater Manchester. I take HMO to be "Health Management Organization." However, according to Dan, "I'm not really buying 'HMO' as an acronym for Health Management Organisation (or Health Maintenance Organisation), although its proximity to 'hospital' might suggest that. I just don't think it's a phrase you hear much in the UK, where HMO is much more likely to mean 'houses in multiple occupation.'"

^

3. The Lyrics Parade says "From a grey map-PAID." I imagine the theme of the song to be "levitating" out of oneself in a dull and frustrating situation. There is some debate about this, with "grey matte paint" suggested.

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4. A granite complex is an assemblage of various strata of granite, one such being the Eskdale and Ennerdale in the Lake District (thanks to dannyno). 

True Grit is a Western novel published in 1968 by Charles Portis, and followed a year later by the famous movie rendition starring John Wayne and the girl who played Miri on Star Trek. The Coen brothers made another film version of the book in 2010 (so, this is obviously pre-cog). 

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Levitate: Fall Tracks A-Z

Dan:

Here's my take on the Bristol Fleece and Firkin (14 December 1998) version:
 

In terminal surgery, he was looking at me
I had to relocate to levitate

In the Northern Manchester General Hospital you looked at me
The nurses were annoyed
They were saying I can't go on
I needed strength to levitate
Just levitate with me
Just levitate

something
something
He was sat adjacent to me
He was talking about his house
I was thinking about my debts
I needed to bite my lip
To levitate

Levitate with me
something

And the Basingstoke granite adjacent to the plinth
Basingstoke in shops
Just levitate with me
Just levitate with me
Just levitate with me
Just levitate