An explanation of the B'Sides track title "Three Boats Down from the Candy":

The song is about one-night stands, and in particular making love on
Brighton beach. The title refers to the girl in the story wanting a
memory of the night, however the boat next to them doesn't have a
name, the nearest one is named "The Candy" which is three boats away.

There is another explanation, maybe it's just a viewpoint at another level.
Fish once introduced the song during a concert with this explanation (not
the litteral transcription though):

    "It's about those corporate Christmas party-type things where
opposite-sex coworkers often become drunk and, er, "sexually active"?
It's about friendships that get lost though stuff like that. I believe
"candy" is a reference to total happiness in a relationship, and "3
Boats Down" (besides being a metaphor for being
'so-close-and-yet-so-far' from "the candy") is a reference to the idea
that this particular party is supposed to be held on a beach, or
someone's ocean-front estate or something.  So, this particular
incident between these two people is assumed to have occured in a boat."