I haven't heard the song you're talking about but as a native English speaker I would say that "running with the wild things" means behaving wildly/freely, indulging one's desires, "give us a number pass or fail us" is talking about someone judging them or "grading" them based on unrealistic expectations, and "quit carving notches to count the days" implies that they want to enjoy life rather than just watching the time pass by.
Just from the phrases you have given, it sounds like the song is about young people who want to be free to make their own choices without harsh judgment from society.