I could be wrong, but I think James is somewhat on the right trail (I watched it again last night).
There are a million clues that you pick up watching it a second time, and in the beginning virtually everything that happens (such as the very first alarm being Penelopes voice to him telling her later that "I can never wake-up" in the park) alludes to something later. He really is in real life up to the passing out scene, but the rest of the movie (I think) is that nights dream session. I believe that the voice he hears the following morning is Penelope (Sofia) Cruz's voice, and that the next thing you might hear her say is "this is a lame attempt at sympathy." The whole L.E. thing...all that was the dream that he knew it was....after that night in the club....but it was in a different context.....he was still just sleeping.
My only other thought is what if he died in the car wreck. It's immeadiately after that that he notices he can never wake up (in the park)....And Sofia repeatedly says "I wish you never got in that car with that girl." Did he die right then? Anyone?
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