"Hooker" is a generic term for a ship, refering to her anchor. The other common usage is in " bleedin' (or other suitable epithet) 'ook" refering to the anchor badge worn by killicks in the Andrew. (Translation : leading seamen serving in the Royal Navy). What's the street walking sort?

The song sounds like a variation on "When this bloody war is over", but which came first I wouldn't know. The tra la la bit is *definitely* a euphemism.