Jimmy is feeling betrayed by his parents in the first verse and by girls in the next four (he has previously seen his ex-girlfriend with another guy). He is holding on to the two things that he still believes in- his status as a mod and, for reasons he doesn't yet understand, the ocean. For an explanation, see my comments on Drowned and Love Reign O'er Me.
Jimmy is feeling betrayed by his parents in the first verse and by girls in the next four (he has previously seen his ex-girlfriend with another guy). He is holding on to the two things that he still believes in- his status as a mod and, for reasons he doesn't yet understand, the ocean. For an explanation, see my comments on Drowned and Love Reign O'er Me.