This is about a sailor at sea thinking about returning to his lover, who is back on land. Normally a foghorn signals danger, but in this case it means he is close to home and his love.
There is room for interpretation beyond the superficial meaning. It might be interpreted as expressing an understanding that life is finite (the ship sailing on its round trip) and must be lived to its fullest ("I want to rock your Gypsy soul"), and an acceptance of its inevitable end ("We will magnificently float into the mystic, when the foghorn blows I will be coming home"). When you have seen the world and loved someone, you should have no reason to fear the end because you have lived your life to the fullest.
The original title was "Into the Misty."
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