I didn't realize there were so many songs titled "King for a Day"...this one might not even be called "King for a Day". It was a very melodic aucostic pop rock song by a few guys, not sure their names and it had the lyrics "No taking, no giving.....to be king for a day". I want to say it was late eighties but kind of sounded early ninties. It was straight forward enough but I wouldn't be shocked if alt rock stations would play it (in the same vien as softer REM and Nirvana). It was on the radio quite a bit...had to be a hit. Any clue?

It definitely sounds like you're describing XTC's song by that name, but I don't recall that song being a single, let alone a hit. The time-frame, sound and lyrics are a good match, though...
[Edited 11/10/06 19:47pm]

Everyones creeping up to the money god,
Putting tongues where they didnt ought to be.
On stepping stones of human hearts and souls,
Into the land of nothing for free.

Well the way that were living,
Is all take and no giving,
Theres nothing to believe in,
The loudest mouth will hail the new found way,
To be king for a day.

Everyones licking up to the new king pin,
Trying to get way up with a smile.
Sing for your supper boy and jump to a finger click,
Aint my way of living in style.

cause the ladder gets longer,
And ambition gets stronger,
I cant satisfy the hunger,
That bad old moon has got you in its sway,
To be king for a day.

Youre only here once so you got to get it right.
(no time to fuss and fight.)
cause life dont mean much if measured out with someone elses plight.
(in time youll see the light.)

cause the way that were living,
Is all take and no giving,
Theres nothing to believe in,
The loudest mouth will hail the new found way,
To be king for a day.
[Edited 11/10/06 19:50pm]

damosuzuki said:

OMG, that is it! Thank you! Yeah I remember hearing it on radio and seeing the video as well...

I'm sort of familar with their work through Sirius radio, which plays a few of their singles on the early alt rock channel. I bought their early singles collection (which I think is called "1978-1982 Some Singles") but "King For a Day" came years later. It did chart, hitting 11 on the Modern Rock charts (and for some reason placing on the Club Play charts...maybe a remix?). I remember hearing it quite a bit for a song that never charted on the Top 100, but I guess another song from the album, "Mayor Of Simpleton", did. Maybe I'll check out that album.
[Edited 11/10/06 19:58pm]

Oh, I thought you were talking about the Jamiroquai song...never mind!