Joey DeMaio has told in an interview once that this song is about a warrior who had sold his soul and upon his death is facing the satan to fight him but realise it is not possible anymore - satan telling him to cut his head and so more evil will be released. So the warrior accepts his destiny and start serving him as his soul had been sold long ago. It's not a satanic song as you might think on first listen. One of my very favourite songs of the most favourite band.
I can see that - I never got "that" from this band, but I do have a way of making a point of it. I love MANOWAR in the end I'll listen to it again and again it's a great song.