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Bob Dylan – Talkin' World War III Blues Lyrics 11 years ago
"Good car to drive after a war" sounds like he's mocking advertising, he says it like a slogan, which has an air of ridiculousness, because he's talking about WWIII and slipping in an advert for a car. It's a reference I think to the obsession with consumerism etc. over more important things. Also a reference to capitalism.

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Bob Dylan – Talkin' World War III Blues Lyrics 11 years ago
I don't think he was pointing out that the Cadillac is HIS so much as reiterating the brand name and giving the slogan "good car to drive after a war" to mock advertising - how people put consumerism etc. over the welfare and survival of humanity.

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Bob Dylan – Talkin' World War III Blues Lyrics 11 years ago
The light is the nuclear blast I assumed, so yeah it's a joke, and the light came from outside the sewer.

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Bob Dylan – Talkin' World War III Blues Lyrics 11 years ago
The essence of the song can be summed up in the line:

"Everybody sees themselves walking around with nobody else"

I guess it's a warning that we will create WWIII if we keep being selfish and demonising ideas of community and helping each other - "thought I was a Communist". His solution is:

"I'll let you be in my dream if I can be in yours"

- Let's think about each other, not be so selfish.

Also Bob Dylan loves Cadillacs ;)

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