Explanation

In each stanza, the same word is used 3 different ways in the 3 short lines, and the same word is used 2 different ways in the two long lines. I'm sure you noticed that.

The first two lines of each stanza contains a nautical reference:

Wake (noun): the track of waves left by a ship or other object moving through the water.

Hold (noun): the cargo space in the hull of a vessel between the lowermost deck and the bottom.

Ways (noun): the structure on which a ship is built and from which it slides when launched.

Also, delta waves are the brain waves made while you are in the deepest stage of sleep.