I've stuck this in a thread before, but the female vocalists in the The Mollag Band (an excellent group of musicians and singers in Ellan Vannin) had a streamlined version which sums up the whole thing very pithily -

Willy was a stupid bastard, Not a brain-cell in his head. Left his true love for another. She came back and shot him dead.

l've also previously mentioned that several versions link the song with the Isle of Man (Ellan Vannin). Either Willy and his lover came from the Island, or the Commander was so impressed with the true love's firm action that he makes her the captain or commander of a vessel either for or from the Isle of Man.

Shoh slaynt,

Bobby Bob