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Bob Dylan – All Along the Watchtower Lyrics 18 years ago
after reading several of the interpretations here, I personally think it is about jesus dying on the cross, or at least Dylan had this in mind while writing.

jesus is on the cross and second-guessing his fate, he sees trouble with the world and wants to escape it, but he doesn't want to dye either. the thief says, in the most intriguing line, that both he and jesus have been through life, and that living further on earth is not their fate, and to accept this. the title couplet sets location and political/class unfairness. the final 2 lines signify the coming of death.

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Bob Dylan – I Pity the Poor Immigrant Lyrics 18 years ago
it is surely not about stereotyping immigrants...
i think it is plain to see, but the main metaphor is "immigrant", an outsider, specifically an outsider who has no respect for and does not integrate himself into his new home.

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