This song is purely spiritual. I didn't understand until the dreams came winding through my head as well.

The piercing radiant moon, the storming of poor june, All the life running through her hair: The dreams come at night. The storming of poor June represents the great spiritual battle, which the dreamer does not yet know is to come. As the life, the holy spirit enters her, the storm, the great spiritual battle, will follow.

Approaching guiding light: Holy spirit is coming to lead you to your spiritual awakening.
Our shallow years in fright: We are fearful, living in our frailty, and searching for answers. When we ask with sincerity, the following occurs:
Dreams are made winding through my head: Dreams and visions, yielding clarity of the holy spirit, which guides you.

Before you know, awake. Not literally. Your experience from the dreams and visions creates an awakening of the holy spirit within you. You can feel it, and once you can feel it "surge"ing through you, you are fully awake and in the presence of the spirit.

Your lives are open wide,
The V-chip gives them sight: This could mean several things. However, I feel that it means that once you have been awakened, both sides will grasp for you in your dreams. I feel that the V-chip in this case represents the seed of the spirit that has been planted. Satan can see that this has happened, and has now been given sight, or awareness of your spiritual awakening--> he is now entering the competition for your soul, for before you were awakened, you were already his. The spiders are the demons who are in tune with what is going on in your life, and they will attack you, at night, also during your dreams.

Before you know I will be waiting all awake. Once you have overcome the demons, you will be waiting for Him, fully awake in the spirit, understanding and knowing God, and knowing he will be there for you in the end.