Define the terms or keywords. When you are given a topic to interpret, try to define it first, or look for keywords and define those. Do not go to the dictionary immediately for definitions because you may halt the interpretation process prematurely. When you search the dictionary for definitions, you may not encounter the potentially problematic and enriching ways that the words are used today. Challenge yourself to a self-definition and see the many ways that the topic can come to life because of the way it resists simple definitions.
Ask basic questions. Not all topics will be difficult to define. If that is the case with the topic, you then must move on to the next stage which is asking basic questions about the topic to spark thinking. Ask questions like "What is X?" "'How many types of X are there?" "What is X made of?" "How is X formed?" "What does X mean to different people?" If your topic consists of more than one word, ask yourself what multiple meanings it might hold. These types of questions may be basic but they help you to reach beneath the surface of topics.
Pick an angle that excites and challenges you to explore further. After going through the first two steps above, start thinking of the aspects of a topic that you want to explore further. Those aspects will often be the most intriguing. If you are not challenged, excited or moved, your audience won't be either. Sometimes, the more challenged you are, the deeper you move into your interpretation.
Brainstorm once you have chosen a specific angle to explore. Brainstorming helps you decide whether or not you have chosen a good angle and how you might develop the topic further. While brainstorming, write out questions or ideas that occur to you without stopping to think. After the brainstorming session, pick out the most promising and related ideas to pursue more rigorously.
Cultivate a narrative. This is often the final step in the interpretation process, but it is only necessary if you have to produce evidence that you have done work. If you need to present your work in some fashion, you need to cultivate a narrative about your discoveries. Think about what questions an audience may have about the topic (based on the angle you have explored) and how you would best answer them. One way to keep your audience engaged is to walk them through the process it took you to arrive at the angle you are exploring before you explain your findings to them.