The first part of the poem is a daydream, and a tender one. Snow drifts down, a girl shivers, and the speaker opens his jacket and holds her. They laugh, look at each other, and finally kiss. Details like her candy-sweet perfume and hazel eyes make the scene feel close and real.
Then he "rises" from it, like a phoenix, and we learn he has been zoning out in a classroom. A frustrated voice asks him something, he answers, and he gathers his things. On the way out, he meets the eyes of a girl whose are hazel, which suggests she is the one from the dream. For a moment something seems to pass between them.
The mood moves from warm and romantic to hazy and then quietly hopeful. The speaker feels longing, nervousness, and curiosity. His last questions, "Could she? Why would she?", show he can't tell whether she feels anything too, so he drifts back into the dream.