I interpreted this as reminiscing on a drunken escapade. There's constant references to being drunk and incoherent due to those "waves of rye" - especially in the lines: "He shakes me up like no other/Laughing in my face/He's mouthing off like a bastard/Drowning in those waves of rye." It repeatedly says "save me from this waste", almost like the singer is regretting how his drinking is causing his life to slip away.
I interpreted this as reminiscing on a drunken escapade. There's constant references to being drunk and incoherent due to those "waves of rye" - especially in the lines: "He shakes me up like no other/Laughing in my face/He's mouthing off like a bastard/Drowning in those waves of rye." It repeatedly says "save me from this waste", almost like the singer is regretting how his drinking is causing his life to slip away.