Search for "Waterbound" (without the space). Here's the DigiTrad entry:
http://mudcat.org/@displaysong.cfm?SongID=7606

May be related to "Alabama Bound" or "Boat's up the River," but to my mind only by virtue of sharing one or two floating verses.

I'm only familiar with this song from the New Golden Ring (Vol. 1) recording, from which the lyrics taken for the DigiTrad entry. The song was led by Joe Hickerson. I don't vouch for the DigiTrad accuracy--the lyrics are usually transcribed by ear even when printed sources are available, and corrections seldom seem to make it into the DigiTrad. But although Folk-Legacy doesn't provide liner notes with their CD reissues, they usually make them available for download from their site, and that would be the best place to check. Since I own the LPs as well, I know for a fact that the lyrics to all songs were originally included in liner inserts. The first three Golden Ring recordings are classics with great songs; I haven't cared for the later ones.