I don't think it is possible for anyone to imagine what this song sounded like it 1962 if they weren't there then. I'm lucky, I heard the Dylan version before the Peter Paul and Mary sickly cover. It was absolutely rivetting to hear him belt that out, young and fresh. But now, well it's like hearing a jazz band playing "When the Saints Go Marching In". It's a bit tired.
As to what it actually meant...well, what's that got to do with anything?