Jan Wenner: Of all the versions of This Wheel’s On Fire, which do you like the best?
Bob Dylan: Uh… the Band’s. Who else did it?
Jan Wenner: Where was that done?
Bob Dylan: Well, that was done out in… out in somebody’s basement. Just a basement tape.
~ Jan Wenner Interview Nov 1969

@ #100 on my list of Dylan’s 200 best songs. Recorded in the basement @  The Big Pink, West Saugerties, New York – June – October 1967.

 Basement tapes version:

From Wikipedia:

“This Wheel’s on Fire” is a song written by Bob Dylan and Rick Danko. It was originally recorded by Dylan and The Band during their 1967 sessions, portions of which (including this song) comprised the 1975 album, The Basement Tapes. The Band’s own version appeared on their 1968 album, Music From Big Pink.

Here’s a great live version from Stockholm 1998-06-09:

Lyrics:

If your mem’ry serves you well
We were goin’ to meet again and wait
So I’m goin’ to unpack all my things
And sit before it gets too late
No man alive will come to you
With another tale to tell
But you know that we shall meet again
If your mem’ry serves you well
This wheel’s on fire
Rolling down the road
Best notify my next of kin
This wheel shall explode!

If your mem’ry serves you well
I was goin’ to confiscate your lace
And wrap it up in a sailor’s knot
And hide it in your case
If I knew for sure that it was yours . . .
But it was oh so hard to tell
But you knew that we would meet again
If your mem’ry serves you well
This wheel’s on fire
Rolling down the road
Best notify my next of kin
This wheel shall explode!

If your mem’ry serves you well
You’ll remember you’re the one
That called on me to call on them
To get you your favors done
And after ev’ry plan had failed
And there was nothing more to tell
You knew that we would meet again
If your mem’ry served you well
This wheel’s on fire
Rolling down the road
Best notify my next of kin
This wheel shall explode!

… and we have to include a couple of more versions by “The Band” & Rick Danko:

The Band live at the Syria Mosque in Pittsburgh in November 1970:

Rick Danko – Live – Soundstage 1977:

Check out:  Bob Dylan’s 200 best songs

-Egil