Sinkin' Soon

There is this great little song by Norah Jones that gets trapped in my head (and rattles about for the rest of the day) if I hear it in the morning, but the problem is I can't for the life of me understand what the freak it is about!!! It's like this Alice in Wonderland crazy montage of a song about apple pie crusts and a cheap pontoon boat or something. I even looked up the video to see if it would help me kind of figure out the meaning of the tune, but now I'm even more perplexed. Watch this and see why... It is just W.A.C.K.

Sinkin' Soon

We're an oyster cracker on the stew,
And the honey in the tea,
We're the sugar cubes, one lump or two,
In the black coffee,
The golden crust on an apple pie,
That shines in the sun at noon,
We're a wheel of cheese high in the sky,
But we're gonna be sinkin' soon.

In a boat that's built of sticks and hay,
We drifted from the shore,
With a captain who's too proud to say,
That he dropped the oar,
Now a tiny hole has sprung a leak,
In this cheap pontoon,
Now the hull has started growing weak,
And we're gonna be sinkin' soon.

We're gonna be
Sinkin' soon,
We're gonna be
Sinkin' soon,
Everybody hold your breath 'cause,
We're gonna be sinkin' soon

We're gonna be
Sinkin' soon,
We're gonna be
Sinkin' soon,
Everybody hold your breath 'cause,
Down and down we go.

Like the oyster cracker on the stew,
The honey in the tea
The sugar cubes, one lump or two?
No thank you none for me.
We're the golden crust on an apple pie,
That shines in the sun at noon,
Like the wheel of cheese high in the sky
Well ... we're gonna be sinkin' soon.

So, is she sayin' she's the flava'?!? She's the sugar and spice? And who is "we" - like the "royal we" or something? And why is she sinking? Any help/theories/comments would be much appreciated.