You need to read the other thread linked above where Bill says how he came to write the song. He just heard the phrase in that speech by Hamlet that we have been discussing here, and his imagination did the rest. Trying to say it is definitely this or that interpretation other than what he acknowledges himself, is surely bordering on perverse?

The OP of this thread was asking about what Shakespeare meant/was referring to, and I think we have answered that for him now.