I have always looked for the deeper meaning in everything. This song is very intriguing to me on a number of levels, because, to me, it represents a view on our society from both the perspectives of the poor and the wealthy elite.
In medieval times, the joker, or jester, was the equivalent of a modern-day stand-up comedian who provided entertainment and humor for royalty. It was not considered to be a highly respected job. In many ways, Jokers were social outcasts, and, to some extent, we have proof of this in historical letters from the period. Many jesters were found to have committed some act of impropriety which caused them to be cast out. Many were musicians according to historical records. Jesters could also be killed for failing to entertain their masters, so in many ways, they were - from historical writings - a type of indentured servant.
In the context of Hendrix's song, the Joker ponders the status quo. He has a conversation with a common thief - someone who would also be in the same class as he - a type of social outcast, about his view on society. The joker complains to the thief about his role in society and in the culture.
"There must be some kind of way outta here," I take as meaning a way out of servitude and to freedom. The joker sees the wealthy who consume his "wine," which I believe is an observation on hos the wealthy can enslave men, take their lives and dictate to them what they can and cannot do. The joker also notices the common man is left to dig his earth and he sees the two social classes as completely and totally unbalanced. Neither class understands the other - They are separated on every level, and yet, the joker sees that neither class really understands the meaning of life and freedom.
The thief comments on the joker's complaints in a calm voice and basically tells him to keep his cool. The thief realizes that many members of royalty see life as a joke - meaning that the taking of a common life by a nobleman isn't even punishable and in effect, the meaning of the common man's life "is but a joke."
The thief recognizes that both he and the joker are in a perilous social situation because both have a death sentence upon them - the thief for criminal conduct and the joker could face death if he did not please the nobility. The thief acknowledges that both he and the joker have been through this situation, but both have escaped the fate - the thief through his cunning nature and the joker by maintaining himself in the good graces of nobility. The thief tells the joker that he should stop complaining because times are soon to change - as the hour is getting late.
The focus now shifts to the princes along the watchtower. Watchtowers foretell off danger to the inhabitants of a castle - in this case, the danger that the upper class could befall if the lower class were allowed to break free. The prince seems to reflect on his life of luxury. His women come and go and foot servants follow him and attend to his every need.
He looks out into the distance and hears the wildcat growl. This free, wild beast, represents the danger of a free class of common people. The two riders are the first two horsemen of the apocalypse. The prince sees his world crumbling before him...
