That one is basically the classic sea-shanty “What You Gonna Do With a Drunken Sailor?”—it’s the call-and-response chant with a set routine. What happens in the lyrics (in plain terms):
The crew asks (over and over) what you’re going to do with a drunken sailor.
Then they describe him being a mess in the morning (falling in the hold, sleeping there, clothes tattered).
The “plan” is to tie him to the rail, let him hear the gale/wind, and “po them up slow with a rope and a laugh” / get him back in line—i.e., comic discipline and getting him seaworthy again.
And yeah, the whole thing ends with those repeated “What you going to do with him?” hooks—very sing-along, very chaotic-on-purpose.