Kevin Drew (who wrote the song) has said it was a song he wrote fro his wife. All he said about the song was that it's basically about loving the one you're with (wanting to grow old with them) and not wasting time in pointless meaningless relationships nor arguements. Also at a live show and right before the first chords he said this "Love the one your with" His wife also appears in the lover's spit video on the BSS website.
Don't waste time sweating the small stuff arguing. Make some shit slide. Then move on. That's how you start get to do some shit with the one you want to get old with.
BSS never fails to leave me in awe. This song is with Feist.