The ritual being prepared in the song is a funeral that is being offered to Babalu. It is a Voudou/Santaria ritual, though, so singing it as a prayer would be a whole different thing that what we learned in Sunday school.

In that tradition, from what I can garner, Babalu Aye is the divinity of disease and illness (particularly smallpox), also of healing. He brings both healing and death, and apparently, must be thanked for which ever of them them occurs.

Here is a clip:
Babalù Ayè orisha della santeria

You will notice at the end that they are smoking a cigar, which would be the "cabo di tobacco", and drinking a clear liquid which one assumes is the "jarrito di aguadienta", so the lyrics describe the ritual. One is inclined to guess that this song is either a prayer for healing the girl, or, if it is literally a funeral ritual, an appeal for her eternal life.

From what I understand, the ritual use of aguadiente is continuous for the course of these rituals, which can go on for quite a few days. Also, the music and religion are connected to the Afro-Cuban revival, which was a cultural and intellectual movement in the 20's-30's
that sought to reawaken the Afro-Cuban identity by reconnecting with cultural and artistic traditions.