You can find all of Dylan's lyrics (except the new ones he is constantly adding to his songs in live concerts) at:

BobDylan.com

Check it out.

All Along The Watchtower is a very interesting song that came off an album of songs which were almost all religious (although not overtly religious) in nature. He referred to it in an interview as "the first religious rock album ever"...actually it was not rock but rather a sort of rootsy folk sound, I'd say...acoustic guitar, harmonica, bass, and rather quiet drums.

The songs are pretty well all spiritual parables about Dylan's own life struggle, his fall from grace, his dance with fame and its pitfalls, his deliverance from death and his redemption.

All Along The Watchtower is a very apocalyptic vision which takes in the whole world. Dylan is "the joker". His manager, Albert Grossman, is most likely "the thief".

There must be some way outta here
Said the joker to the thief
There's too much confusion
I can't get no relief
Businessmen they drink my wine
Plowmen dig my earth
Not a one of them along the line
Knows what any of it is worth

(That's a beautiful description of Dylan, trapped in his career and fame, being exploited by business parasites and the press and crazed fans, desperately wanting out.)

No need to get excited, the thief he kindly spoke
There are many here among us who feel that life is but a joke
But you and I we've been through that, and this is not our fate
So let us not talk falsely now, the hour is getting late

(There are always far too many among us who feel that life is but a joke, and their main attention is usually upon the money...or whatever else they think they can distract themselves with...sex, fame, whatever. They fiddle while Eden burns all around them.)

(There's a judgement coming for such...)

All along the watchtower, princes kept the view
While all the ladies came and went, barefoot servants too
Somewhere in the distance, a wildcat did growl
Two riders were approaching, the wind began to howl

(The last verse is stunningly eerie and apocalyptic. The princes, those in command of society, watch from the battlements. A great storm is coming. A wildcat growls a warning. Two riders are coming at the head of the storm. In one sense the two riders are Dylan and Grossman, linking back to the start of the song. In another sense they are...Christ, on a white horse...and someone else...the Antichrist? Death? or who? The storm wind howls...the hour is indeed getting late. So mind your place on the battlements, and attend to your armour, sword, and shield...which are Truth, Love, and Forgiveness.)

I will add to this the final verse from one of my own songs:

Mind your place on the battlements
Honour the High Command
And don't be caught asleep on guard
Without a sword in your right hand
The Enemy is at the Eastern Gate
And the West is all in flames
It's burning down like Jerusalem
In the fires of regret and shame