Seems to me this song is about a guy who may/may not have been in love with someone, he had an opportunity to take it further (ie 'dance in the fire' = make love) but decided not to, he 'could have been there' but is not. Looking back now, he regrets this decision ('i regret the choice that I made') to spurn this would-be lover, maybe because she wasn't interesting enough, she wasn't 'firey' enough, or he wasn't attracted to her (didn't ignite the fires of passion perhaps?). Instead he 'burns inside and alone', he has nobody and also likely has no sex. In short, he longs for a relationship that had an opportunity to happen, but didn't happen because of a choice made by him, probably because of initial disinterest in the lover.
Seems to me this song is about a guy who may/may not have been in love with someone, he had an opportunity to take it further (ie 'dance in the fire' = make love) but decided not to, he 'could have been there' but is not. Looking back now, he regrets this decision ('i regret the choice that I made') to spurn this would-be lover, maybe because she wasn't interesting enough, she wasn't 'firey' enough, or he wasn't attracted to her (didn't ignite the fires of passion perhaps?). Instead he 'burns inside and alone', he has nobody and also likely has no sex. In short, he longs for a relationship that had an opportunity to happen, but didn't happen because of a choice made by him, probably because of initial disinterest in the lover.