There's a good quote in one of the posts above, citing the director, John Boorman, from his DVD commentary...
"...(maybe) the movie was comprised of his dreams of what could happen."
So the director leaves it up to the viewer as to whether the events happen, or Lee Marvin's character, Walker, is a ghost or the whole film after the opening double-cross scene at Alcatraz is just a dream/vision Walker has while he's dying.
For what it's worth, the film is based on Richard Stark (Don Westlakes)'s novel, The Hunter, and featured "Parker" as the central character: he didn't die at the end (and wasn't a ghost, or anything), and featured in five more books in the series (including "The Outfit").
However, the director of any given movie doesn't have to stick with the original author's ongoing-protagonist-of-a-book-series concept.
It would seem that he shot the whole thing so that any of the three interpretations discussed here (1. The story was 'real' in that Walker was left for dead but recovered and went after the double-crossers; 2. The whole thing was a 'death-wish'/hallucination/dream/vision of Walker's as he lay dying; 3. Walker died but his ghost came back from the 'other side' to wreak revenge on his killers) is a valid interpretation.
I've not seen the movie for several years, and I'm going to get the DVD and watch it again.
I enjoyed it immensely, the couple of times I saw it previously, and it never occurred to me that 'Walker' was actually killed in the opening scene. I'm going to enjoy watching the DVD again not only on its own merits but also because of this interesting "how-well-is-the-'ghost-option'-handled-by-Boorman?" facet.
Cheers, guys!
:)
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