Official site quote:
Apr 12 2006, 1:36 PM
"The song itself is based on Nick's childhood in Germany where Jeremy Fraser was the name of a character in an English textbook. Nick's friend apparently detested the character, so over 20 years on, he's hunted down by an arrow or "a lance of silver" if you will."
[ url needs to be updated ]
And you can't find this in the lyrics list (I couldn't, anyway) for some reason.