The Drowners

I've always interpreted this song as one about a man being seduced by another man. The singer does not want to engage in or enjoy gay sex, but the more he gives in, the more he finds he likes it. He drowns in the pleasure he derives from the sex, to the point of no longer wanting to kill his seducer. Consider:

The opening couplet,

Won't someone give me a gun?
Oh, well it's for my brother,

implies that the singer intends to shoot his brother. Why?

The next couplet,

Well he writes the line wrote down my spine
It says "Oh do you believe in love there?"

seems like an overt reference to anal sex. If that line is in fact written down someone's spine, the word "there" would be leading straight into his bum. His brother, most likely not a biological brother but rather a brother in the "another male" sense, is attempting to seduce the singer into having anal sex with him, and this seems to be his reason for wanting to shoot him.

So what to make of the chorus?

So slow down, slow down, you're taking me over
And so we drown, Sir we drown, stop taking me over

Is he starting to like the metaphorically incestuous anal sex, against his will? Perhaps. Then the second verse chimes in,

Won't someone give me some fun?
(and the skin flies all around us)
We kiss in his room to a popular tune
Oh, real drowners

It certainly seems like it. And again,

Slow down, slow down, you're taking me over
And so we drown, Sir we drown,
stop taking me over!

Yep. He likes it.