In the United States Margaritaville reached number eight on the Billboard Hot 100 chart, and went to number one on the Easy Listening chart, also peaking at #13 on the Hot Country Songs chart. Billboard ranked it number 14 on its 1977 Pop Singles year-end chart. It remains Buffett's highest charting solo single.
Bare bodkin is the salient point (no pun intended) of this line, so it gets the stresses. This creates a pyrrhic/spondee/iamb/iamb/iamb rhythm. Bodkin at the time meant a sharp instrument, much like an awl, used for punching holes in leather.
boast. vb. 1. (intr; sometimes foll by of or about) to speak in exaggerated or excessively proud terms of one's possessions, skills, or superior qualities; brag. 2. (tr) to possess (something to be proud of): the city boasts a fine cathedral.