Here's an interpertation:
Water represents the subconsious. Red roses represent, duality, blood (also Christ's blood), and of course love. The snake is a dual symbol. Straight, it is a masculine symbol; coiled is feminine; and it also represents a destructive influence, evil. It also has the meaning of regeneration or deceit because of the shedding skin. The rabbit is a symbol associated with spring, regeneration, life. (It is also food for snakes!) The lyrics are written as two seperate monologues. They don't interact directly, much like the the consious mind with the subconsious mind. Kylie's character is the innocent, feminine part of one mind. Nick's side is the Id, the demons of the mind. Duality. Masculine-Feminine. Good-Evil. Ying-Yang..."It's time for beauty to die" as the lyric goes. The title Wild Rose, one tames something by breaking it.

How's that for food for thought?