The song 'Hold On, Holy Ghost' is about the Day of the Dead and features lyrics about death, bad dreams, and being made up of bad things. The song is a call to action for misfits to come together and face the challenges of the day of the dead. The lyrics are dark and ominous, with references to swallowing souls and tearing people apart. The chorus repeats the phrase 'Hold on, Holy Ghost' and encourages listeners to hold on tight as they face the challenges ahead.