Capstan shanty. "Come all ye jolly sailors bold. Heave and go, my Nancy O! Listen till my tale is told. Heave and go, my Nancy O!" English version of a Danish shanty. No particular story line to the verses, but some make reference to Danish place names.
This was quoted from L.A. Smith's _Music of the Waters_ where it was included as a translation of a Danish shanty. It may have some connection with a song that Doerflinger found "Pull Away Now, my Nancy O!" but Smith didn't give a tune. The Danish version was called "Om Dannebrog Man Ved." - SL