From the verses described it sounds like a variation of "Eskimo Nell" which has a Peg Leg Pete in it. Lurking somewhere in my cassette library is a bootlegged copy of "Eskimo Nell" by two very posh sounding, slightly inebriated BBC radio announcers comparing their versions of this classic. It was supposedly recorded after a broadcast by an alert technician. Roger's right, however, after the first blush it's fairly adolescent.