OK, Dave: write down your interpretation, then read the thread, and then decide what to post.
A full explanation of lyrics is not always required, but if one exists (preferably based on facts or first-hand testimony), we'd like to know it. Valuable testimony can also come from people who are familiar with popular (though possibly "incorrect") interpretations of the song. For example, if there is a line "heave away, you ruler king", we want to know not only that it is corrupted, but also the thoughts of those who sang it that way: which king? "Who was Lady Mondegreen?"