Shinoda also said to KROQ that the song's meaning can be open to numerous interpretations, with an example being "what we do in pop culture, where we build somebody up to be the next great thing and then we just like to destroy them at the end of the day, and we've lived though that, so I think there's a lot of personal energy that went into the connection of that story." I wrote that on Wikipedia, based on the KROQ interview.
But what the hell are the verses about? They remind me of Burning in the Skies and New Divide... and then again, Mike's verse has nothing to do with them. They sound well together, though. Burn It Down is a good song.
I think the meaning of this song is for the band to get flamed, the only one I can think of, what a stinker.
They are grudgingly burning down their progress for the sake of familiarity. In Mike's verse, he's not talking about a ring you wear but about being defeated. K.O.ed on the mat and kissing the match ring. Just my opinion. Full song interpretation coming later...
Brad: I'm burned out from ATS... Can has guitar? Rob: I think the addition of electro-drums will really set the track ablaze... Joe: I'm thinking about putting some heat on the wax until it melts down... Dave: Time to fire up the bass!
As promised, here is my interpretation http://www.lpassociation.com/forums/showthread.php?t=35959&p=1136753#post1136753