Lyric discussion by notwithstanding 

Cover art for Hobbit on the Rocks lyrics by Toad the Wet Sprocket

Toad used to send out tapes of unreleased tracks to the folks on their mailing list, each tape contained 2 unreleased songs and this appeared on their 1992 tape. it was recorded during the "Fear" sessions and Glen Phillips, their lead singer said "it's a nonsense, gibberish song written in five minutes" it gave them an excuse to have fun in the studio and play around with an XTC styled arrangement