I have the CD, and it's great.

The second to last stanza has always puzzled me -- it does indeed sound like he is singing "Admiral Nelson, K.C.B.", though it's a bit muddled. I've done some digging, and couldn't come up with any meaning for the "K.C.B." bit anywhere.

I think that what he's really saying is "Admiral Nelson, K.B.E.", which does make sense. "K.B.E." is abbreviation of "Knight (Commander) of the British Empire", a prestiguous award given by the King or Queen of Great Britain for meritorious service, which would certainly apply to Nelson.

http://en.wikipedia.org/wiki/Order_of_the_British_Empire

Tuckernuck Jim