The scriptures read are Daniel 3-4, Psalm 93 and Revelation 17.
Daniel 3. The famous story of Shadrach, Meshach, and Abednego in the fiery furnace. They are thrown in there because they didn't worship Nebuchadnezzar's golden statue. (Where was Daniel?) The interesting question is "Who was the fourth man in the furnace?" An angel? The Angel of the Lord? The pre-incarnate Christ? Especially intriguing is the description that he looks like "a son of the gods."
The names of the 3 men are repeated lot more than necessary. The notes of the Jewish Study Bible say this may be for satirical effect. (The intolerant king is made to look like a fool.) Which reminds me of this song.
Daniel 4. Nebuchadnezzar is humiliated just when he is most self-congratulatory. His illness could be lycanthropy, a psychosis in which the person thinks he has been transformed into an animal.
Psalm 93. In this song and the video verses 3 and 4 of this psalm are emphasized.
Revelation 17. Babylon is pictured as an obscene woman. She represents a great but doomed city. According to the 4 schools of thought, Babylon is really (H) the papacy, (P) either Rome or Jerusalem, (F) the Roman Catholic church or some future heretical form of the church, or (S) the world system that seduces otherwise good people. The beast seems to be the second beast, the parody of Christ, especially since he is described as "was, is not and yet is."
For the various assignment of kings and horns get Gregg's book. I gotta say, though: Rome was a great city that was famous for sitting on seven hills.