Lyric discussion by ZiplocMaster 

Cover art for Harlem River Blues lyrics by Justin Townes Earle

This is a really great song with a really deep meaning. Although I've heard that he was talking about being baptized and washing away sins, not literally drowning.

My Interpretation

To the above poster; baptism is a nice thought but it's definitely about suicide..

"Tell my mama I love her, tell my father I tried, give my money to my baby to spend"

http://www.youtube.com/watch?v=CRAraXJ3vTI&feature=relmfu

In that interview he talks about the song is actually based on the mass baptisms that happened in the South and is a reference to the Basketball Diaries. He also says before playing the song for that same Rolling Stones song that it is about "washing away your sins, no matter how deep you have to dive".

The song is about baptizing yourself and washing away your sins, even if it means drowning in the process would be my guess.