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.
The boll weevil (Anthonomus grandis) is a beetle which feeds on cotton buds and flowers. Thought to be native to Central Mexico, it migrated into the United States from Mexico in the late 19th century and had infested all U.S. cotton-growing areas by the 1920s, devastating the industry and the people working in the American South.