I agree with funnysmartname's interpretation. The narrator is telling the (female) listener: "If you keep hanging around with those people, you're going to get hurt eventually. But I'm still glad you're here with me right now."
There is also some suggestion that the narrator himself is not much different than the others. In the first verse, he warns the listener that "Those heathens you hang with down by the sea / All they want to do is defrock you", i.e. that the "cannibals" just care about sex. However, he has just told the girl (in the previous line) to "Lie back and let me unlock you", indicating that he is probably interested in the same thing. The narrator attempts to set himself apart by indicating that he cares for her in some deeper way ("I will never desert you here"), while the others just want to use her for their own satisfaction (this is what the metaphor of "get[ting] eaten" refers to).
I agree with funnysmartname's interpretation. The narrator is telling the (female) listener: "If you keep hanging around with those people, you're going to get hurt eventually. But I'm still glad you're here with me right now."
There is also some suggestion that the narrator himself is not much different than the others. In the first verse, he warns the listener that "Those heathens you hang with down by the sea / All they want to do is defrock you", i.e. that the "cannibals" just care about sex. However, he has just told the girl (in the previous line) to "Lie back and let me unlock you", indicating that he is probably interested in the same thing. The narrator attempts to set himself apart by indicating that he cares for her in some deeper way ("I will never desert you here"), while the others just want to use her for their own satisfaction (this is what the metaphor of "get[ting] eaten" refers to).