It seems to me that it's a song about getting what comes to you.
"Eel-infested oceans"... "Water, water, everywhere, and every chance to sink!"...
Both allusions to "The Rime of the Ancient Mariner", an 18th-century poem about a seafarer that kills an innocent albatross and repents for his sins with his crew's instant death and loneliness on a sea infested with serpents. Eels. Yeah.
It seems to me that it's a song about getting what comes to you. "Eel-infested oceans"... "Water, water, everywhere, and every chance to sink!"...
Both allusions to "The Rime of the Ancient Mariner", an 18th-century poem about a seafarer that kills an innocent albatross and repents for his sins with his crew's instant death and loneliness on a sea infested with serpents. Eels. Yeah.
Make the connection, that's an easy one.