The song "This Time Last Year" by Hot Freaks is about the feeling of falling in love and how it can make you feel like you're walking on air. The lyrics describe how being in love can make you feel important and needed, and how it can be an amazing experience that fills you with excitement and happiness. However, the song also acknowledges that love doesn't always last forever and that relationships can come to an end. Despite this, the narrator remains hopeful and wants to see more of the world, knowing that there is always the possibility of falling in love again. Overall, "This Time Last Year" is a song about the joys of falling in love and the optimism that comes with the possibility of finding love again in the future.