Lyric discussion by aztecdoug 

I always thought this song was about Rock and Roll. The She is Rock and Roll itself. Picture all of the doors that Rock and Roll opened that were never closed again regarding fashion, culture etc...

She asked for my love and I gave her a dangerous mind. Well Bowie has left an impression on that culture of Rock and Roll, some felt he was dangerous and daring…

Now she's stupid in the street and she can't socialize... This is the one line that made it for me. I take it as a reflection of Punk Rock which was coming online in this time period. Picture Sid Vicious socializing with all those record execs.

Well I love the little girl and I'll love her till the day she dies... David will always love his Rock and Roll.

She wails Jimmy's guitar sound jealousies scream... Jimmy Page, Hendrix etc..

Waiting at the light know what I mean... at that time Rock was in transition. Waiting at the light trying to figure where to go next... was it going to be New Wave, was this the end?

I recall a boast that Johnny Rotten made once that Rock and Roll died when the Sex Pistols broke up. In some ways I thought that was true. After about 1977 or 1978 it all just sort of recycled itself...

Waiting at the light...

It makes too much sense, I agree.

@aztecdoug A long time now since you wrote this interpretation but I've always wondered what this song was about. Your interpretation fits. Adding to your rock and roll analogy, there is " You can't hide beat" and "Blue but nobody home" (as in blues but with no soul)

An error occured.