I heard this from the writer, Jim Ritchey, probably in the '80s. Roy A. learned it from me. I was just trying to pull up the lyrics.
The entries above have helped. Obviously my synthesis below is not spot-on.

There is a thing I will discourse on----never did quite get the words nailed because (where I have duplicate references to the living room, which is probably not correct) there was a similarity in those two lines in the original. In such cases I sometimes have trouble memorizing the entire song! I end up making up parts of it every time I sing it.

I had a friend in the good old days
Before he got crazy and moved away
We'd sit in the living room drinkin' warm beer
Listenin' to the reggae and ruinin' our ears

We'd sit in the living room down on the floor
Once his young pretty wife was not around any more
Eatin' shrimp and potatoes and drinkin' warm wine
Listenin' to the disco and ruinin' our minds

My friend got religion and moved to the east
In a shack without plumbing and a house with no heat
But he's got a generator and a gallon of gas
And for an hour a day he lets the stereo blast