Losing Carolina; for Drusky Lyrics

Lyric discussion by Abel Tumacácori 

Cover art for Losing Carolina; for Drusky lyrics by Flotation Toy Warning

Donald S. Drusky was an old man who sued God in 1999.

He wanted "God to return his youth and grant him the guitar-playing skills of the famous guitarists along with resurrecting his mother and his pet pigeon. If God failed to appear in court, federal rules of civil procedure said he must lose by default."

Drusky's lawsuit was dismissed, obviously.

So, that makes it pretty clear to me, the captain is God ("who's smiling this time, old man?") and the decorated man is Donald Drusky. I believe, "he doesn't want to know that its bedtime" means he doesn't want his life to end, he doesn't want to "go to sleep", he wants to keep playing, keep living.