The version I sing, it seems to be quite simple:
"Do you remember last Saturday night, in the alehouse you were drinking? / You took a strange girl on your knee, and daunted Barbara Allen"
She loves him, he loves her but doesn't like to show it, he cheats (who knows to what extent...), she is broken-hearted but still proud, he dies, then she dies of remorse. Easy-peasy! jayohjo xx