Lyric discussion by azkm 

I think "Steal from the bed of some good friend of mine" refers to the narator indulging in casual sex to escape her despair. The fall from chastity is a common theme in folk song.

As for the "waters so wide", perhaps the "boy from the west" has gone back west; or perhaps he took her west and then abandoned her and the waters are those between her and her childhood.

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