Verse 3 is very similar to verse 2, it's 4 that gets to Peter:

Tell 'em we on the rolling sea, Jesus speak unto me
(Oh Lord) I'm on the rolling sea when he comes (Lord, Lord in the morning)
I'm on the rolling sea when he speak unto me
I'm on the rolling sea when he comes.

(Thru this next verse, JS sings a bass pattern that repeats the words "rolling sea")
Peter said, "I'm on the rolling sea, people take up your nets
I'm on the rolling sea, Peter he ?most say
I'm on the rolling sea, Jesus speak unto me
An I said, I'm on the rolling sea when he come, (Oh, Peter)

In this next verse, the bass pattern moves to the front, with JS jamming on the phrase "Rolling Sea" while others add spoken lines (in parentheses)

Rolling sea,(I'm on the rolling sea) rolling sea, rolling sea, rolling sea,
Rolling sea, Lord, Lord, rolling sea (In the morning) Rolling sea, rolling sea, rolling sea rolling sea,
Lord, lord rolling sea, when he come

Need a little more faith, now, rolling sea

Okay, break time again, folks. I'll pick it up with the faith line in my next post.
If you ever sat down with some friends and tried to just make up song words and maybe a tune out of thin air, you will recognize what is happening in this song: the singers pick up each other's phrases, change them sometimes slightly, sing repeat phrases as motifs, and sometimes blur words or slide into a new phrase when they can't quite make the thought come together with the right number syllables. Then the next time it comes around, they fix it.
The more I listen to it, the more I know what's happening. Sometimes, tho, I have to listen to JS's repetitious jam part first so I can screen it out.
Blessings,
Barbara,
I'll put the package in the mail Monday.