
I think this means Cutting. "Crimson regret and betryal" could mean she wrote those words with a razor into her skin.
"My God, My Tourniquet. Return to me salvation" could mean she's praying to God to help her, praying for Salvation.
"Am I to lost to be saved?" She's feels like she's to messed up to get better.
So, overall, I think this song is about a someone who hates their life, but if torn between thier religion and suicide. They want to die, but ("Will I be denied?"), they still want to go to Heaven and they fear if they kill themselves they'll go to Hell. So their Praying to God to take away their pain, and probably their life too.
Of course, that's just my way of looking at it. Anyone else could interpet differently.
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