What is the significance of slaves ruling over us?
Ibn Ezra: Nations that used to pay taxes to us, like Edom, now they ruled over us.
Ri Kara: A slave who rules over a nation is unlike a free man who rules over them. A slave imposes a harsher servitude. Also "va'Yifdecha mi'Beis Avadim 1 " (Devarim 7:8) teaches that rule of a slave is harsher.
Rashi (Shemos 20:2) proves from the continuation of the verse "mi'Yad Pharaoh" that we were not slaves of slaves! Perhaps Ri Kara explains as if it says umi'Yad Pharaoh. Sometimes the prefix Vov is omitted, e.g. "Shemesh Yare'ach" (Chabakuk 3:11). (PF)
What is "Porek"?
Ibn Ezra: It is one who saves. This is like "va'Yifrekenu mi'Tzareinu" (Tehilim 136:24). Both of them are from the root "Mefarek Harim" (Melachim I, 19:11).