For Chappy,
The Catholic Church does not view the "elect" as meaning only a few will rule the earth. The mystery of the Kingdom of God starts out as a small mustard seed but grows into a full grown tree. As far as the Catholic view on these things see the _Catechism_:
http://www.scborromeo.org/ccc/ccc_toc2.htm
Particularly the section "The Hope of the New Heaven and the New Earth" (sections 1042-1050):
http://www.scborromeo.org/ccc/p123a12.htm#VI
Some of the figurative language of Revelation is explained in sections 1137 and 1138 of the _Catechism_. In essence, the 144,000 is seen as a figurative number that shows the People of God here on earth now and the "great multitude" is the heavenly scene of the same people seen after their glorification:
1137 The book of Revelation of St. John, read in the Church's liturgy, first reveals to us, "A throne stood in heaven, with one seated on the throne": "the Lord God." It then shows the Lamb, "standing, as though it had been slain": Christ crucified and risen, the one high priest of the true sanctuary, the same one "who offers and is offered, who gives and is given." Finally it presents "the river of the water of life . . . flowing from the throne of God and of the Lamb," one of most beautiful symbols of the Holy Spirit. 1138 "Recapitulated in Christ," these are the ones who take part in the service of the praise of God and the fulfillment of his plan: the heavenly powers, all creation (the four living beings), the servants of the Old and New Covenants (the twenty-four elders), the new People of God (the one hundred and forty-four thousand), especially the martyrs "slain for the word of God," and the all-holy Mother of God (the Woman), the Bride of the Lamb, and finally "a great multitude which no one could number, from every nation, from all tribes, and peoples and tongues."
CatholicGuy