A less official explanation: The song is about 2 women who came into the studio on a rainy day. Dylan apparently read an article about punishment for women in Islamic states - hence "Everybody must get stoned" because relationships are a trial and error thing. http://www.songfacts.com/detail.php?id=2934
With the line, "Everybody Must Get Stoned," this song is often associated with smoking marijuana, although Dylan insists it isn't, stating, "I have never and never will write a 'drug song.'" It is more likely about trials of relationships with women, and Dylan has hinted that it could have a Biblical meaning. Answering a question about people interpreting this song to be about getting high, Dylan told Rolling Stone in 2012: "These are people that aren't familiar with the Book of Acts." http://www.songfacts.com/detail.php?id=2934
One of he biggest influences on TP and the HB's, just like the Byrds were....he covers because he loves and they are part of him. Bob Dylan gets the Medal of Freedom in 2012, Petty should get it when he is 70+.