ah crap, metrolyrics.com has let me down yet again.

but no, you're right, that way it seems a lot more poignant and 'emo' [for lack of a better word.] but if you take it as following on with that I once knew...
yes, Ryan's carrying the piece of the 'former love' he used to be. that's what he carries. and, if we go totally over analytical on it's ass - that's what Brendon clings to. except maybe with a less pathetic sounding verb than 'cling.'