'Cause an empty room can be so loud
It's too many tears to drown them out
"Them" refers to the tears, I believe. "To drown out" means to make something impossible to hear by making some other, louder noise. So, the protagonist is trying and failing to drown out his tears, i.e. the sound of him crying, by blasting music in his room, alone. Hope it makes sense.
When it falls apart, and you're feeling lost
All your hope is gone, don't forget to
"It" doesn't refer to anything in particular here. "When it falls apart" simply means "when nothing is going right for you anymore". Also, song lyrics are rarely completely grammatically correct, so don't put too much thought into them, go for the overall meaning.