“Time To Dance” is based on the events of Chuck Palahniuk’s novel Invisible Monsters. The story centers around three fashion models: Brandy, Evie, and an unnamed narrator. Evie lashes out on her wedding day and shoots Brandy. Brandy then pleads for the narrator to tell her life story.

Brendon Urie and Ryan Ross are big
Chuck Palahniuk fans, and many song titles on the album can be traced back to a Palahniuk novel.

A time to mourn and a time to dance
-Ecclesiastes 3:4

This line fits the book and song perfectly. The protagonist is mourning her career, beauty, and later, Brandy’s death. But at the same time, she is celebrating her new freedom, being a new person, and her new lifestyle.