Lyric discussion by ssquishy 

Cover art for Regina lyrics by Sugarcubes, The

I think this song is about a Queen, hence the title as TappiTikkarrass pointed out.

To me, it seems like a song of praise to a queen and also, it's talking about how her role is an ancient one.

I have no idea who "Johnny" is and the ranting in the background cracks me up. I think Johnny could possibly represent a regular person bumbling along in his everyday life, juxtaposing that against the life of the queen kinda.