I think this song is about a childhood/teen friendship/love where the author loved the other person and at one time so did the other person, but as they grew older – the other person moved on.
I think the “wind” is referring to life and other influences and “we would only hold on to let go” meaning the author knew their relationship was immature and temporary but the author wanted it to be more than that, and whoever they’re writing about knows but carries on with life.
“Blow a kiss, fire a gun” could mean the author felt lead on. As though whoever they are writing about would show them love when convenient then shoot them in the back by moving on. And “we all need somebody to lean on” could mean that they’d only come back to the author when they’re down and out.
“What will we do when we get old? Will we walk down the same road?” Could mean that the author is hoping that they’d be together forever and get back to feeling of ‘love’ they felt at the stage where they once were – when they were young and innocent.
“Will you be there by my side standing strong as the waces roll over?”
The author is hoping that the person will change and support them through life challenges just as they have always been their for them.
“When the nights are long, longing for you to come home”
The author is predicting a sad, long lifetime of waiting at home while being cheated on.
“All around the wind blows we would only hold on to let go”
All around, everything and every reason not to be together is strong but they hold on just to let go because its a game and a risk and fun (but not fun) to pick up the pieces and start again. Like when kids link arms and spin around – the fun part is letting go and falling over.
This is my interpretation, quite sad but thats how I read the song.