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The Tragically Hip – Nautical Disaster Lyrics 12 years ago
I think your analysis is spot on. One concept that you didn't mention that adds richness and meaning to the song (for me) is found in the first line. He states, "I relished the fray". In other words, he loved the chaos. The relationship was mad and intense and "screaming filled my head all day". Nevertheless, he was a willing and enthusiastic participant. (Perhaps even an instigator.)
Detaching oneself from that sort of reckless and wild relationship is profoundly difficult and is bound to leave a few bodies in the water. Understanding that the relationship was madly destructive AND something that he dearly loved is key to understanding the remorse and uncertainty (and guilt?) he feels later in the song.

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