In reading the lyrics of the song again - this lager lout appears to be playing in a band on a ship. The waiter brings another drink. Somehow he falls overboard or maybe the ship sinks and he hooks up with the mermaid.
Her face turned a whiter shade of pale? Maybe he was playing in a band on the Titanic and the lady realized the ship was going to sink. The boat sinks, he is so drunk he does not realize it and he meets a virgin mermaid???
Somebody help me here - throw me a bone. ;-)