One of my pet peeves is reading poorly constructed song interpretations on the internet. Slapdash is fantastic, but not for textual interpretation.
Actually, this essay about live's "all over you" will be less an interpretation than the scaffold for an interpretation. I am a structuralist at heart....
First and foremost, this is not a metaphorical song. It is a simile song. You can tell by the words "is like." Go read some tragically absurd metaphorical analyses if you really want to, then come back. I won't wait.
"Our love is like water/angels" is a non-conclusive simile. Your interpretation of those nouns determines the shape of your analysis for good or for bad; so don't do it. Leave them open ended for now.
Every simile requires a predicate; it can be a punchline, or a straightforward explanation. "Pinned down and abused" is neither of those things, it's part of the unfolding contextualization for the song as a whole. Also, songs happen in time, so "water" changing to "angels" is important, or our intelligent friend ed wouldn't bother doing it.
The next section is a metaphor, but it's used as further elaboration on the simile that proceeded it. It tells you something about the character of the narrator.
"Pay me now, lay me down": what are things a prostitute might say? But seriously, this is not the narrator you've grown to know in the last minute or so. Whether it's the person he's talking to, or himself in a different mindset, or something else entirely isn't important right now.
Foreshadowing: this song is a lyrical spiral (a common pop song structure that modifies it's repetitions and each turn gets smaller and smaller until the end is just fragments of the idea whirling faster; like flushing a toilet, or those cones you roll spare change around).
Now we get to the shift in predicate nominitive. Whatever "water" meant wasn't precise enough. "No, wait, it's more like angels! Yeah, angels...."
Maybe this song is starting to take shape in your mind now. If not, that's ok. My point is that there are two very different voices not having the same conversation with each other, and it happens repeatedly into eternity (that's actually a larger theme of the whole album, by the way). Any particular interpretation must take place inside this actual structural context, or else you really are just babbling self-indulgant nonsense.
Cheers.
