wow....I think you're all wrong :-P
Bono has intimated on multiple occasions that WOWY is a conversation with U2's audience, written at a time when Bono was first grappling with mega-stardom. I believe (with some evidence) that it's twisted to imagine the rock star as the crucified messiah, and the fan as the adoring disciple who expects you to sacrifice yourself - with the singer bouncing back and forth between talking as the audience and talking as himself. The line "see the thorn twist in your side" is an obvious Crucifixion reference, and reminds me of "they want you to be Jesus, they'll get down on one knee, but they want their money back if you're alive at 33" - another crucifixion reference but one that's twisted to refer to stardom.
He gives himself away. You give it all but I want more. I can't live, with or without you. The stone (diamond) set in your eye - a reference to the bleary eyed groupie fan. The thorn twist in your side - a reference to the fans ability to turn on you and expect you to sacrifice yourself. I (the fan) wait for you (the rock star, to appear).
And then, in the end, neither the fan nor the star can live with or without the other.
Here's some evidence:
In Eamonn Dunphy's 'Unforgettable Fire', now sadly out of print and disowned by the band - Bono is quoted as stating that the song is about his relationship with U2 fans.
On stage at Zoo TV and Popmart shows, Bono - in MacPhisto character - undoes his shirt by his heart, a reference to the 'piercing the lords side' view of the crucifixion.
In Neil Stokes books, Bono gives the song multiple meanings, but states that its about the juxtaposition between wanting to be married to Ali while at the same time have the trappings of rock stardom.
In Hot Press, in 1987, Bono stated that with or without you doesn't make sense without luminous times - a song that's often been understood to be about the temptations of groupies (note in verse 1, she is the carnival, but if verse 2 she is the wave and she pulls me under)
It's not e=mc(2) but it's pretty good circumstantial ....