I'm holding on your rope,
Got me ten feet off the ground

I think this means something like, the first person (the singer) clinging on to the second (the person this song is intended to) person/first-second person's relationship but it greatly harmed the first person(singer) and brought him fear. (Ten feet off the ground, like I will get scared too.)

I'm hearing what you say but I just can't make a sound

The 1st person just doesn't understand what the 2nd person is trying to talk about. In short, there is no mutual understanding in the relationship, and the 1st person is complaining

You tell me that you need me
Then you go and cut me down, but wait

The 2nd person thinks she is the more dominant (stronger) person in this relationship, so she played around with the 1st person's feeling, confusing him. The two lines are contrasting statements, so the 1st person is confused.

You tell me that you're sorry
Didn't think I'd turn around, and say...
It's too late to apologize, it's too late
I said it's too late to apologize, it's too late

The 2nd person then apologizes and the 1st person is fed up. However, the 2nd person didn't expect that (Didn't think I'd turn around, and say...) . 'It's too late to apologize' means the 1st person is fed up with apologies but no action. It is also the whole song's meaning.

I'd take another chance, take a fall
Take a shot for you

Taking another chance implies to giving the 2nd person a chance to prove she is sincere for her countless apologies. Taking a fall and taking a shot might mean the 1st person sacrificing himself for the 2nd person. However, it seems she doesn't appreciate his help

And I need you like a heart needs a beat
But it's nothing new

It means the 2nd person is very important to the 1st person, based on the metaphor 'like a heart needs a beat' or else it (the relationship) will perish. 'Nothing new' might mean the sufferings the 2nd person gives to the 1st person is not for the first time.

I loved you with a fire red-
Now it's turning blue, and you say...

A fire red might mean with strong passion, as fire usually means warmth and passion and red signifies love and boldness. In short, it is a positive feeling from the 1st person to the 2nd person.
However, the phrase turning blue is something that contrasts with the first line. So, warmth becomes coldness, passion turns into passionless, love becomes hatred and boldness turns into fear. Their feelings toward each other turns into a negative one.

"Sorry" like the angel heaven let me think was you

There is a repetition of sorry or apologies in the whole song. Angels are believed to be a holy symbol, something that brings salvation and all the positive things like love, courage and strength. The phrase 'heaven let me think was you' might imply to the fact the 1st person believed the 2nd person is his soulmate or symbolism of his life.

But I'm afraid...
It's too late to apologize, it's too late
I said it's too late to apologize, it's too late
It's too late to apologize, it's too late
I said it's too late to apologize, it's too late
It's too late to apologize, yeah
I said it's too late to apologize, yeah-
I'm holding on your rope, got me ten feet off the ground...

There is a lot of repetition in this last stanza. The main idea is the 1st person is fed up of the 2nd person's excuses. The repetition shows how strong the hatred is. The last line is identical to the first line, signifying a repetition.

In short, this is a dark, breakup song that means the 1st person (the singer) is tired of tolerating the 2nd person's (the person this song is intended to) apology.