The Waterfall runs on a theme of water, its never ending flow and seemingly endless supply stream rampant through our lives and veins, yet as humans this breath of life is finite. We live before we die, we attempt to swim through the currents, sometimes we drown. "Time has come / world in motion / Heart of man swept into the ocean / like a river flowin' / like a river washes away," James sings in "Like A River."

This idea of water, life, and death plays itself throughout the album as James seems to be wandering himself.