There only two references to fire in the song: one in the description of the red eyed cows, "Their brands were still on fire and their hooves were made of steel" and the other is that the ghost riders horses snort fire. So, no motorcycles, no horses on fire, just the brands on some cows still burning and horses snorting fire. The story is that if the old cowpoke does not mend his ways, he will be consigned to spending eternity chasing those red-eyed cows across the skies, apparently as penance. Yippie!
Outlaws - Ghost Riders Lyrics
Here is the Spiderbait version: Ghost Rider - Ghost Riders In The Sky ( Spiderbait - Cage )
I didn't see any red eyed cows in that video, they could have put dancing Pokemon for all the sense it made. And what's with the guy crawling toward grave? The events in the song take place during "one dark and windy day", not at night. The video seemed to be implying that at daybreak, the ghost rider, who by the way, was not in the sky, although there were some scenes of traveling up and down some structures. And where, during all this, is the "old cowpoke" who is supposed to be receiving this stern warning from the ghost riders? The outlaws version of this song sends chills down my spine, the Spiderbait version is a lame joke, and this fan-made video is the punchline.
Here's a video that's more in sync with the lyrics... unfortunately they don't sing them, and the video is a little cartoonish. But you get the idea!