Lyric discussion by Sam-Vimes 

Cover art for Oedipus lyrics by Regina Spektor

I don't think it's directly about the Oedipus story.

I think the character in this song feels ignored by his mother because he's the 32nd child. When he wakes up thinking Oedipus... I think it's anger at his father and his mother for ignoring him ("32s still a goddamn number").

I'm sure the "long live the king" is sarcastic.