Having learned it off the original SS LP, I have been singing this song for years, using a "drop g" semi-open tuning, which sounds real nice. But I have always wondered about the last verse, which didn't quite make sense. The original version, of course does, so thanks for that.

My personal history of this song includes one very pleasant and alcoholic evening on a yacht anchored in a quiet and beautiful cove on the rocky west coast of Sweden. Having had good evening of songs and banter, during which "Let 'er go down" was featured, we turned in in a glassy calm, only to be woken from our beds by the sound of howling winds and the boat banging on the rocks on the other side of the cove, having dragged its anchor across a quarter-mile of open water! We got her off, but it was a close-run thing and although I wasn't the skipper on that occasion, I have always been rather careful about getting the anchor well set in on every boat I've been on since.

And since then I only ever sing the song when on terra firma!