The word is waif. It infact was a simple flag used to mark the dead whale. After the whale was dead there might be others in the area worth persuing. According to the whale boat talk that the demo squad gives at Mystic Seaport, "it was an unwritten honor amongst yankee whalers, never to touch another boats waifed whale. Cool song. Nice bold romantic imagery. Arrh, Hearty Whaling Whores, Arrh.