To begin with, a previous poster misinterpreted some lyrics and Confused the word"mire" as in the phrase "no time to wallow in the mire" which would directly translate into rolling around in mud or manure or some other form of Filth filthy waste product but over time original definitions change and can have several connotations. In this case, Jim Morrison who wrote the second verse which is

" the time to hesitate is through, no time to wallow in the mire, try now we can only lose, and our love become a funeral pyre"

Interpretation

Let me preface this by saying the song was probably never written with some sort of personal love story where the couple was struggling through a difficult time come where the risk of splitting up seemed very possible. Yet, as the songs narrator( presumably, a male who is thinking that each of them could work harder and save the relationship, but they have to act immediately if the relationship could be saved.

Guitarist Robbie Krieger, composed the skeletal framework of the song. He wrote the music to both the general verse and chorus. He wrote the first verse ending in the word higher, and he wrote the chorus lyrics and general concept of the song which is come on baby Light My Fire.

All keyboard parts including the introduction were composed buy keyboardist Ray Manzarek and the Latin percussion style that gives the song that mellow, loose, ambient, dark and mysterious vibe. Morrison wrote the second chorus ending in the word pyre, he also added try to set the Night On Fire to the chorus. So basically the song is a man speaking to his girlfriend who is likely inexperienced sexually and probably Young. He was letting do girl know matter of factly, that if they were to take the relationship to the next level she would have to be willing to experiment with some new things sexually that is. The phrase no time to wallow in the mire means we cannot simply continue the relationship without romantic love and remain in this unspeakably boring uneventful depressing quasi friendship. Adding a romantic elements to the relationship is what needs to be done immediately and they have nothing to lose by trying something new. For if they do not, their relationship will die. The metaphor he uses, is

Try now we can only lose and our love become a funeral pyre.

In certain cultures rather than bury the Dead, they would set them on fire at the actual funeral service. An old form of cremation and despite de the religious beliefs surrounding this practice, it was probably a lot smarter then fussing with a decomposing corpse. Not that that last part has anything to do with the song period

There are obvious drug references, such as girl we couldn't get much higher, which were obviously intentionally in the song given the time. And counterculture sexual Revolution. Knowing about Jim Morrison, and his lyrics contributed the song, and assuming the shy Robbie Krieger probably found it difficult to talk to women. Therefore, the obvious interpretation song is a guy sweet talkin a girl he is bored with because all he ever really wanted to do was get laid. It was probably late one night, the couple that shared some libations, and the guy figured it was the perfect time to break the shy nervous female out of her shell. Therefore he asks her for sex implying that if they both let go how many missions and try to set the Night On Fire , this partnership could really be something great.

Were these guys consciously and rationally thinking this through, or were they stringing together cliches that rhymed while trying to sound like cool Ladies men who took part in the long party that was the late 60s. As result of beatnik culture of the 50s and 60s, dangerous poetry that would freak out the good puritanical facade of America as portrayed on a relatively new form of media known as television, was commonplace. Jim Morrison was heavily influenced by