Lyric discussion by whimsically.aberrant 

jaws of life is the name of the contraption that cuts through cars to rescue people in accidents. So maybe it has all those other symbolic meanings of status or embraces or what have you, but I think it's describing a car accident. he's seriously hurt and is thinking comforting, perhaps religious (parables) thoughts after an accident waiting to be saved. "there was laughter once, there were pretty songs" could refer to the radio and laughter in the car before the accident. and I think all the "sagging skin" "clotted blood" and "metal shards" stuff is self explanatory.

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