cnd - I would think that wake as an annual festival is more likely for the song than the the death-celebration. If you fancied a dance I would have thought a festival more likely than a death-wake.

Partridge gives cat as verb, lateC18-20:low coll., to vomit. And gives Shoot The Cat as a related phrase. The euphemism (as guest at 03:39, 7 Aug 20 noted) is clear, though the vomiting meaning seems unlikely from the way it's phrased in the song.

Mick