The Pirate Ship Revenge

So I think I understand kinda what sorta maybe happened in this movie. Everything is connected, the past, present and future. One cannot exist without the other, which is an interesting view of space-time. It's more of a circular relationship, rather than a linear one.

My initial interpretation of the movie is that Donnie has some ability to control and view distortions in time. So does Frank. This explains how Frank was able to talk with Donnie after he'd been shot in the face. When the end of the world came, Donnie was able to go back in time while the engine of the plane was brought on top of his room. As campy as it sounds, he sacrificed himself so that Gretchen would never be in the road to be run over by Frank.

I've heard a competing theory about the movie from a friend at work. He basically states that the entire movie is Donnie's life flashing before his eyes. However, I have to respectfully disagree. Donnie didn't know about Gretchen prior to his "death", so it doesn't make sense that she would be in the flash.

I need to watch it again.