So I was thinking about it, and I now feel that this song is more than a sappy "i luv mah muzics zo im gonna dance" song. Some of the lyrics seem trite, but there seems to be a deeper meaning (to me).
I feel that this song has something to do with the joy of protesting something and finally being recognized, even in a negative way. Many people would gladly spend a night in jail if it means getting their beliefs across. This song brings to mind protests against racism/war/for educational reform in the 60's. People would get beaten up, humiliated, and degraded by authorities, but they wouldn't have it any other way. I think this song says that in the joy of that moment, everything seems larger than life. Every (police) siren is a symphony, and every teardrop (of physical pain, perhaps caused by a beating from security?) is a beautiful waterfall.
"You can hurt me bad, but still I'll raise the flag."
I don't know. My head is a messy place, make of this what you will.
I enjoyed reading your interpretation! thanks