It's pretty close to finalized now. the song's been inflicted upon the public a few times and a friend has added it to his repertoire:
THE STEADFAST SAILOR

Lyrics: Eric Russell
August 10, 2003                              Melody: The Frozen Logger

1) As I sat down one evening      
Inside a small cafẻ,               
A forty year old waitress      
To me these words did say:      

2)"I see you are a sailor      
And not just a common bum;      
"Cause nobody but a sailor         
Adds coffee to his rum.               

3) "My lover was a sailor,      
There's none like him today—      
If you'd pour rum upon it      
He'd eat a tarry backstay.      

4) He never shaved the whiskers
From off of his manly hide—
He'd comb them out with gill rakers
And display them with pride.

5) "He never trimmed the nails
From the ends of his calloused thumbs—
He used them both for marling spikes,
Also to stir his rum. [I use a rotary "thumbs down" at this point.]

6) "My lover came to see me
On a cold and stormy day;
He greeted me with a fond embrace
That broke three vertebrae.

7) "He kissed me as he left me
So hard he cracked my chin;
I could not speak to tell him
He'd left behind his oilskins.

8) "I saw my lover leaving,
Going bravely out to sea;
He sailed out before the wind
And gave no thought to me.

9) "The North wind tried to wreck him;
The seas ran tow'ring foam;
But when his staysails did blow out,
He never ran for home.

10) It pick'd him off the poopdeck
And carried him o'er the boom;
As the gale kept rising,
It blew him past the moon.

11) "And so I lost my lover--
To this cafẻ I come
And here I wait for someone
Who adds coffee his rum."