Lyric discussion by BowieOwnsAll 

Cover art for Time lyrics by David Bowie

I believe this song is about nothing more than knowing that time ends all things. Time is compared to a predator(he's waiting in the wings), a director (his script is you and me), and a few other things. Bowie is just saying that any second now he expects time to come and get him (Oh God I'm still alive). Then towards the end of the song he changes it and says "take your time" but I do not think he means you have the time to take. Instead I think he means use the remainder of your time before it's too late. At the end I think it's about someone dying; "Perhaps you're smiling now, smiling through this darkness But all I had to give was the guilt for dreaming" That concludes my interpretation.

@BowieOwnsAll brilliant.