As far as what the song is about, I once read an interview with Stanne wherein he claimed that one of his main current influences was "the American writer Wallace." I don't know any American writers named Wallace aside from the post-postmodern wunderkind David Foster Wallace. If this indeed is the Wallace to whom Stanne was referring, then it would seem to be no coincidence that the theme of Cathode Ray Sunshine fits precisely with the theme of Wallace's masterwork "Infinite Jest."
In case anyone else is interested in checking my hypothesis, be advised that the novel is 1100 pages. Or else you could just take my word for it.