Phrase 1 says: Muhammad* is just a Prophet (*may Allah bless him)
Phrase 2 says: There have been prophets in the past before him
Phrase 3 says: If the Prophet dies or is killed ...
Now the verse was revealed sometimes in the year 3 A.H., eight years before the death of the Holy Prophet -may Allah bless him. So the verse simply says that no prophet is to live forever and likewise the Prophet is to die sooner or later. The actual argument with the wording used is that the Prophets lived in the past, they became a subject of past and through the time lapse they parted with the communities to whom they were sent. Now as the stay of all but one of the Prophets among their respective people came to end simply because of death or murder so it is also referred to as death. But this fact itself does not make death the meaning of the words used by the Almighty Allah.
al-Kashshaf of al-Zamakhshari (d. 538 A.H.)
Muharrar al-Wajiz of Ibn 'Atiya (d. 541 A.H.)
Indeed Allah alone knows the best and may He guide all!
* The Article was last updated at 11:33 pm PST on 20/7/11