I'm wondering if that penultimate line should be:

"I'm sinkin' like a pearl in a bottle o' Prell"

I'm remembering an old TV commercial for Prell shampoo, in which they demonstrated how thick the shampoo was by dropping a pearl into the bottle and watching how slowly it sank to the bottom.

Prell, by the way, is emerald-green; it fits with his having mentioned blood-red walls, Velveeta sheets, Chuck-Berry-green swimming-pool water. I don't get the Chuck-Berry reference, though. Why would Berry's name be associated with a shade of green?

But I've listened to the recording, and it sounds like he's singing "singin'", but "sinkin'" would make more sense. I'm just sayin'!