Thanks for helping me out! I'm not sure it's all Maggie's fault I can't decipher everything: my English vocabulary just isn't what it should be...
Here's what I could make of the other verses:

I called out for the captain
Inquiring of our journey-o
And there beheld a lady fair
She set my heart a-yearning-o
"I am your captain, sir" she said,
"I go where no man dared to go"
And you will serve me up aloft,
And likewise serve me....below

Upon my hand she placed a ring
With...jewels a-fine o
"This token sir" she said to me
"'t will bind your heart to mine-o
....will keep you ever young,
safe from the toll of time-o
And keep you on the ship of fools,
Long as the stars do shine-o

She took me to her cabin ...
She kept me to the matin-o
I searched to find my sea legs bold
Between the sheets of satin-o
Aloft upon the empty deck
No seamen could I find-o
But cold waves...our lonely bows
And seabirds flew behind-o

We plow the .... in sight of(?) land
But never touch the shore-o
And we did roam for seven years
'til I did yearn no more-o
in ......... I was intwined
reluctant to release me-o
the ship of fools bids no ...
until the last wave seizes-o
the ship of fools bids no ...
until the last wave seizes-o

Cheers,
Renske