Speech and Debate
If there is a duet with 2 stories going on simultaneously, you may then do this with a partner. One example would be Summer Nights from Grease another example would be Don't You Want Me by the Human League.
Make sure that your speech tells us a complete story and not just reciting the lyrics, but expanding upon them and filling in the blanks if necessary. Every song can have a different meaning, so it is more about your presentation than about having a correct or incorrect story.
Have fun with this but remember: