Here are the lyrics as best as I can decipher them. They're probably not very accurate, but I did my best. Feel free to post in the comments any changes/corrections that you can find.
Looking for reasons To believe instead of doubt A way in instead of out There's got to be a reason
Looking for answers For the hatred and pain When they both start to feel the same There's got to be a reason
I hear her talking to herself in bed All my tears are falling on the floor, she says I've never felt it rain like this before, she says I'll sing these black eyed blues into the storm instead I'll be waiting for the new eyes to arrive One breath at a time
Kings and queens and little dreams Are stuck inside these nightmares sometimes, sometimes And a fairytale, she claims, seems so far away from where she was tonight Sometimes
Only one breath at a time, she says All my tears are falling on the floor, she says I've never felt it rain like this before, she says I'll sing these black eyed blues into the storm instead I'll be waiting for the new eyes to arrive One breath at a time
Oh, one breath at a time Oh, one breath at a time Oh, one breath at a time
Oh, and I'm holding on to you And I won't let go You're the only thing that's true And I won't let go You're the only thing that's true In this whole world of black eyed blues And disillusioned points of view When the pain feels like a knife, she says I'm not letting go tonight, she says
Oh, she says Oh, she says I'll be waiting for the new eyes to arrive, she says She says Oh, she says Oh, she says Oh, she says I'll be waiting for the new eyes to arrive
Thoughts on the song? Personally, I love it. Not sure if it will end up on a Switchfoot record or somewhere else, but I hope they record a studio version of it someday.