According to an interview, the two verses are about the same meeting between two potential lovers, the first from the male perspective and the second from the female perspective.
But since Urthy sings both verses himself, I had assumed that he was singing about two separate occasions... and because the second verse refers to "him", I assumed that it was a story about two guys, one of whom already had a boyfriend (hence the title "Over Before It Began").
Wow. Same story and I still love it, but it spins me out a bit that I have to change change my whole perception of the song. At least now I see why the two verses seemed so similar - they're about the one occasion! And the female vocals of Mia Dyson in the chorus make more sense when it's a story about a man and a woman.
See also: Lyrics of the song. And his MySpace page has the song streaming.