These are the lyrics of the song and my analogy of the song as well.  Any and all insights will be welcomed. 

I used to rule the world
Seas would rise when I gave the word
Now in the morning I sleep alone
Sweep the streets I used to own
          I believe that this first set of lyrics is speaking of Adam, the first king of the world (and the only man who can actually make the claim of being ruler of the world).  The last two lines speak of the height of his kingdom and the fall of his sin.  At the same time, the second line could make a reference to God.  The Holy Spirit is often refered too in the Bible in forms of water (as well as air and clouds).  This could easily be showing the power God has over His creation.  Going with the Adam theory, this could easily be about Jesus Christ, the new Adam.  If that is true, then we start off with God being all powerful to His incarnation as a Human child and infant. 

I used to roll the dice
Feel the fear in my enemy's eyes
Listen as the crowd would sing
"Now the old king is dead! Long live the king!"
          Continuing with the Biblical theme, this could easily be refering to King David, the son of Adam.  He was a warrior born and became the King of the Jews when Saul was beheaded.  Jesus, is the Son of David and His kingship was fortold through the story of David.  Jesus is the Davidic King who was prophesy to liberate the Jews from their oppressors through military tactics and with the sword.  Also, if this is not about David and about Jesus again, the last line could easily be the mocking of Christ during His crucifixion.  The rolling of dice would be Pilot's action in releasing Barabas.  The fear in His enemy's eyes would then refer to wither 1) Pilot comfronting Jesus or 2) Jesus being interogated by His accusers, who feared that His radical teaching would bring the Roman army to Jewish cities and wiping everyone off the face of the Earth.

One minute I held the key
Next the walls were closed on me
And I discovered that my castles stand
Upon pillars of salt and pillars of sand
          This, I believe is a strong reference to Jesus Christ.  It seems that this is building of the Jewish Kings.  From Adam, to David and now to Jesus.  Holding the Key is a reference to Palm Sunday.  The second line is a reference to the three o'clock hour of Good Friday.  The last two lines is a reference to the Apostles deserting and denying Jesus at the time of His capture and torture.

I hear Jerusalem bells a ringing
Roman Cavalry choirs are singing
Be my mirror, my sword and shield
My missionaries in a foreign field
          Jerusalem bells ringing is a reference to Passover.  Jesus was killed during the Passover.  The second line refers to the Romans parading those who will be crucified through the streets of Jerusalem.  The third line can mean Christ's mission here on Earth.  He is the mirror of the Father ("whoever sees Me, also sees the Father").  The sword is the word of Truth, which is described in the book of Revelations.  The shield is Jesus' position on the Cross.  He looks like He's sheilding us from attacks.  And, according to Kind David and the prophets, the Christ was "bruised for inequities".  But the last two lines can easily be the mission of the Apostles and the Deciples of Jesus.  We're called to be like Christ, who is like the Father.  Jesus said that "people will know who you are by your love".  Jesus being on Earth, as a Human, was God being a missionary in a foreign land... a field (which is land)... as it is not Heaven.

For some reason I can't explain
Once you go there was never
Never an honest word
And that was when I ruled the world
          Here, I believe, is talking about the Assencion.  Jesus left into the Heavens on a cloud and appointed Simon, now named Peter, to be His successor here on Earth.  As we saw during Jesus' time, people were still debating the true identy of Christ to the point were people left him.  During the first century, people were forming their own version of Christianity that started breaking away from the Church that Christ instituded with St. Peter the Roman.  So here, when Peter was the head of the Church, he was hunted like no one's business and people viewed the teachings of Christ as blasphemy and did everything they could to de-bunk the teachings of Christ.

It was the wicked and wild wind
Blew down the doors to let me in
Shattered windows and the sound of drums
People couldn't believe what I'd become
          Here is the day of Pentacost!  Going with the Biblical theme, there's no doubt about it.  This is a clear description of St. Peter the Roman being annointed with the Holy Spirit.  Acts of the Apostles describe the arrival of the Holy Spirit as "a strong and driving wind that shook the house in which they were."  Peter and the Apostles came outside and started speaking in tongues and with authority and everyone was astonished by them.  Here is when Peter went from the wishy-washy faith of Simon and to the first Pope of the Church.

Revolutionaries wait
For my head on a silver plate
Just a puppet on a lonely string
Oh who would ever want to be king?
          This could easily be a reference to St. John the Baptist because of the head on a silver plate line.  But I don't think so.  Staying in the Jesus theme, I can see this because people did say that Jesus was John the Baptist or one of the prophets.  But I would be so bold as to say that this is now going to the different heads of the Church and the saints who gave their lives for the Truth, Who is Jesus Christ.  None of them wanted to be the head of the Church, but they did so anyway.  As the Church grew, She was forced into politics to bring the Gospel to the people; hence the last line.  The first line is just everyone; the Jews who wanted the warrior Messiah and the Gentiles who wanted to keep the growing Jewish population suppressed.  The third line can refer to the words of Christ, "You must deny yourself, pick up your cross and follow Me."

I hear Jerusalem bells a ringing
Roman Cavalry choirs are singing
Be my mirror, my sword and shield
My missionaries in a foreign field
           (See above for this explanation.)

For some reason I can't explain
I know Saint Peter won't call my name
Never an honest word
But that was when I ruled the world
            According to legend and lore, St. Peter is the one who will call people into Heaven.  Here you have the words of a sinner.  That being the case, it could refer to the top of the song, Adam.  Adam was the one who first sinned and thus brought sin into the world.  It sounds like the individual in question is in great despair because he can't explain why St. Peter won't call his name.  This could also be a reference to King David because his sin with Bethsheba plagued him even to his death bed.  However, staying with Jesus the Christ, I believe that this might be Jesus knowing that Simon, who was later named Peter, denied Jesus three times.  Even though Jesus was 100% God, He was also 100% Human... and that Human side would not be able to explain / articulate the knowledge of the future.  The last two lines, I believe, refers to the reality that Christ lived in.  They tried to squash the Truth by crucifying Him; hence the third line.  Ruling the world can easily refer to Palm Sunday when Jesus was welcomed into Jerusalem as King.  And also being acknowledged as King by Pilot and the note on the cross.  If that is the case, it could be the despair that Christ went through on the cross as He became sin to abolish sin.

I hear Jerusalem bells a ringing
Roman Cavalry choirs are singing
Be my mirror, my sword and shield
My missionaries in a foreign field
           (See above for this explanation.)

For some reason I can't explain
I know Saint Peter won't call my name
Never an honest word
But that was when I ruled the world
           (See above for this explanation.)