Here was my take on it.
First, review the story:
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In the story "Peter and the Wolf", many suggest that the wolf represents a darker-side of <PERSON> himself. As the story goes, <PERSON> lives alone with his grumpy grandfather who tells him to be wary of wandering too far from the house or the wolf might get him. <PERSON> says "boys like me aren't afraid of wolves". <PERSON>'s theme (the song used for the ring tone for <PERSON>) is intentionally light-hearted and vivacious. And <PERSON>'s lack of fear is somewhat representative of his youthful ignorance and naivete -- as well as his youthful vigor and zest for life.
Disobeying his grandfather, he strays too far from the house only to witness the wolf chasing, catching and eating the duck in one gulp. 295
(same as <PERSON> sees <PERSON>, who embodies the dark potential of a replicant intent on working for evil crushing the device that holds <PERSON>)
Seeing this brutality, <PERSON> -- without fear -- sees the wolf cornering the cat up a tree and while it is distracted, solicits the help of the bird to distract it further. He then fashions a lasso and catches the wolf by it's tail as it's trying to snap at the bird and ties it firmly to the tree.
Hunters then arrive [plodding along wrecklessly and shooting aimlessly in all directions] looking to kill the wolf, but <PERSON> convinces them to instead help him to parade it to town and put it on display in a Zoo to show off that he managed to catch and restrain it.
As they march off to town, <PERSON> and the hunters leading the wolf with the grandfather grumpily plodding behind, the grandfather asks "but what if <PERSON> had not caught the wolf?"
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Given the assumption that the wolf represents a darker side of <PERSON> as well as a realization of the Grandfather's ploy to keep him from straying to far, the [story of the] wolf might be said to represent the false memories used to keep the replicants from acting out against their slaveholders.
The duck, perhaps might represent <PERSON> (the bird that cannot fly, obviously looked down upon in comments from the other replicants. "he doesn't like 'real' girls", stated by another replicant. Early on in <PERSON> and the wolf, the duck argues with the bird, the bird asking "what kind of a bird are you if you cannot fly?" the duck responding "what kind of a bird are you if you can't swim?").
The wolf again represents the darker side of the replicants and the grandfather those such as the police chief or even <PERSON> who only see the negative that can come from replicants being allowed to roam free and risk being exposed to their darker side if given such free choice and reign. And the Hunters are the blade runners and the system that keeps them in place. 295