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I believe "yellow" refers to cowardice in this song:
"So then I took my time
Oh what a thing to've done
And it was all yellow"
- The fact that he took his time means that he was being a coward towards a potential relationship (the waiting / taking time was "all yellow").
"I swam across; I jumped across for you
Oh what a thing to do
'Cuz you were all yellow"
- When he finally decided to act, he found out that the other person was also reluctant / cowardly towards the relationship.
"I drew a line; I drew a line for you
Oh what a thing to do
And it was all yellow
Yeah, yeah..."
- Since both people didn't know whether or not to make the leap into a relationship (especially the other person - not the singer), he decided to force it into a friendship by "drawing a line", i.e. making that decision for both of them. This final surrender and lack of courage is also considered cowardly, or "yellow" - "yellow line".
IMHO, this is not a happy song, but rather sad nostalgia about a missed opportunity. The fact that the singer says "For you I'd bleed myself dry" means, obviously, that he would still do anything for the other person.
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