Just to lead us further astray, The Pooka mentioned "Walloping around Cape Horn" (there is the Walloping Window Blind) which I puzzled over for years and didn't dare ask serious sea shanty/chanty/chantey folks about. It might well be word play with regard to the Chilian port of Valpariso, often shortened to Vallipo by sailors, and therefore "Valliping" round Cape Horn makes some kind of sense and could easily be transformed into "walloping". Probably some other tortured soul has figured this one out ages ago but, if not, I'm willing to take full credit.

Cheerily,
Charley Noble