Thanks, Stewie:
I think you've got it! At least it makes complete sense. I read some of the guesses at mumbled lyrics in other songs, and they sound like that's what the singer might be singing, but it doesn't fit the meaning of the verse.

Maybe there should be a thread on most garbled folk song lines. As a matter of fact, just for fun, I think I;'ll throw a line out. My favorite comes from an old high school buddy who used to go around singing "So long, it's Fingers Gunnolia! Thinking the song was about an Italian gangster,I guess. You probably know the song as So Long, it's been good to know ya.

Jerry