It could refer to the idea that REO Speedwagon often tells a similar kind of story in their music. Their songs might have common themes like love, heartbreak, or the passage of time.
I'm not sure what'reo' is in this. But for'same old story', an example could be: Every time we go on a trip, it's the same old story of missing the flight because someone is late.
This phrase implies monotony. Say there's a workplace where the boss always gives the same unachievable targets, and the employees always have the same struggle to meet them. It's a pattern that doesn't change, so we use'same old story' to describe this unchanging and often tiresome state of affairs.
One way is to step out of your comfort zone. If it's a personal 'same old story' like always choosing the wrong type of friends, be brave and make new connections in different social circles.
There isn't much information provided just with 'reo from ghost stories'. It could be a name of a character, but without more context, it's difficult to say exactly. It might be a protagonist, an antagonist, or just a side character in the story. If it's a very niche or new part of the Ghost Stories world, it may not be common knowledge yet.