It obviously has hidden layers too deep for me to understand.
Perhaps we should play it backward, in good satanic tradition, for it to make sense:
Mötley Crüe, using spooky powers, summon the Warrior Babe, who is at first confused and skittish. After she regains her composure she uses her shield to put a pentagram spell on the guitarist, which allows him to play a solo. The Warrior babe then transforms herself into a statue. This allows the babes of fantasy-wasteland to moon-walk/run out of the cage, freeing them.
The take-home message would be that, in order to do good (play guitar solos, free the caged babes) we sometimes need to resort to evil measures (spooky powers, pentagram-shooting). According to Mötley Crüe, the ends justify the means. This was also the viewpoint of Niccolò Machiavelli, whose name was shortened to "Old Nick" and became a synonym for the devil. The video makes much more sense this way.
The question remains why they wanted to transmit this message. It is, after all, not a new one. Perhaps they meant to tell us something about our society. The fantasy wasteland is really the world we're living in, and our rulers frequently resort to questionable measures. This is cool though, as the results can still be good.
How comforting that Mötley Crüe simply tells us it's ok to turn a blind eye to occasional evil, it makes life much easier.