Yes, this to me is the most correct answer. It is entirely dependent on the context of which a given song is heard. As you said, a song can take on an entirely different feeling and emotional response depending on the situation. Though, I have found that there are certain songs that continue to evoke that response even with multiple listens in different situations. For instance, Blue Thunder by Galaxie 500 almost brings me to tears everytime. Same band, different song, Don't Let Our Youth Go to Waste does the same thing.
This band kind of reminds me of Mazzy Star. I like those two songs, thanks.
Mazzy Star is great as well. I'm in love with that whole late 80's/early 90's reverb and delay tinged Slowcore/Shoegaze/Lo-Fi movement. It's one of my favorite eras of music, and I've delved way too far into it.
The aforementioned Galaxie 500 and Mazzy Star. I also love Pavement, Sebadoh, Dinosaur Jr., Black Tambourine, The Jesus and Mary Chain, Yo La Tengo, Slowdive, Codeine...the list goes on and on...