I've been thinking about the Prophecy of the Shadow in ToM for quite some time now, and I still haven't found all the answers, but there are some parts that I think I've unraveled thus far.
Naturally, the parts I've been focusing on most are the titles that have been granted to characters in the book.
Some are painfully obvious: the Greatest One (line 1) is clearly the Dark One. There is no denial in this that I can see. The prophecy clearly states, "...that the prison of the Greatest One shall grow weak" (line 1). All further references to He, Him, His, etc. refer back to the Dark One as well.
The next name is also easy to decipher: the One-Eyed Fool is Mat. Again, the prophecy clearly states, "when the One-Eyed Fool travels the halls of mourning" (line 7). The Halls of Mourning, of course, would refer to the Tower of Ghenjei.
The next two names, however, are rather ambiguous to me: first we have the "First Among Vermin", and then "Him who will Destroy".
Now, this may just be my personal interpretation, but as this prophecy comes from the shadow, I believe that all of these names, excluding the Greatest One, all refer to the main characters of the series (Rand, Perrin, Mat, etc). For now, however, I'll ignore these two names for the sake of simplicity.
The next name mentioned is the "Fallen Blacksmith". This is, of course, Perrin.
Now, the previous 4 names all appear within one compound sentence. It states, that when [Mat] travels the [Tower of Ghenjei], and the First among Vermin lifts his hand to bring freedom to Him who will Destroy, the last days of [Perrin's] pride shall come. Ignoring the two missing candidates, this makes simple enough sense: Perrin arguably lets go of his pride and agrees to lead the people of the Two Rivers. Whether or not this is what the Shadow was referring to is naturally unknown.
Moving on, we reach another ambiguous figure: the Broken Wolf.
Before we move on, I'd just like to state this now: I am currently working under the assumption that each listed title is an individual person, and there is no overlap.
The prophecy tells us that the Broken Wolf knows Death very well, and that they shall fall to the Midnight Towers. In addition, his destruction shall bring fear and sorrow to men, and shall shake their will itself.
Now, I know one of the most common proposed characters for the role of the Broken Wolf is Ituralde, but I must respectfully disagree. Perhaps I'm reading too metaphorically into the "wolf", but I feel the strongest candidate is Lan. "Lone Wolf" characters are generally cold and introverted, which fits Lan fairly well. He would obviously know Death well, having been born as his kingdom was destroyed. And he is currently in the most dangerous position out of most of the main characters in that by the end of ToM we see him leading the charge at Tarwin's Gap.
In addition, interpreting the phrase "shall be consumed by the Midnight Towers" is fairly difficult. Based off the assumption that the Broken Wolf is Lan, I find the strongest interpretation to be that Lan may be forcibly turned to the Dark via the 13-13 method. However, I note that the phrase "his destruction" does not necessarily imply the destruction he causes, but could simply be an alternative to "his death".
Finally, we end with another fairly easy title. The "Broken Champion" refers to Rand: "And the Lord of the Evening shall face the Broken Champion, and shall spill his blood". Rand is always prophesied as having to spill his blood at Shayol Ghul.
Returning quickly to the 1-A-V and Him who will Destroy, I can't help but feel the Logain must be involved in some way. Even by the end of ToM, very little has been done by Rand in regards to the crisis at the Black Tower, and we all know that some great glory awaits Logain.
Finally, the last portion in the prophecy has always struck me as strange. It reads:
"And the Lord of the Evening shall face the Broken Champion [Not destroy?], and shall spill his blood [Again, not kill?] and bring us the Darkness so beautiful. Let the screams begin, O followers of the Shadow. Beg for your destruction!" Emphasis mine, of course.
Something about how the passage is phrased just seems strange to me. Maybe I'm reading too deeply, but the sadism near the end seems very out of place. I once entertained the thought that maybe this passage was tampered with in some way by the forces of Light, but that seems improbable at best.