Klaus is talking to Rebekah, telling her about Bonnie and how she is always on his mind . The rest is pretty much Klaus giving Bonnie an ultimatum 'choose me 或者 your fire, be mine 或者 你 will burn'.
If you've seen the film Savages then this is the VD version of it with Bonnie as the main character. If 你 haven't seen it then 你 get the gist of it and it's a pretty amazing video :)