After listening to Spaceship's demo ("Hey! A Hit Record!") over and over on my iPod for about a day and a half, here's what I came up with for lyrics:

Cake for Breakfast

[intro bit]

In the morning, in the morning
Elephants will wake up in the sea

We'll be eating cake for breakfast
Because cake don't bother me

[piano bit] (layered rondo chant or some-such)

In the new day, in the new day
We're all gonna be free

to eat cake for breakfast
and do what we please

[guitar bit]

We've gotta move on
We've gotta move on
We've gotta move on
We've gotta groove on

In the morning, in the morning
Elephants will wake up in the sea

In the new day, in the new day
We're all gonna be free

to eat cake for breakfast
and do what we please

[clapping bit] "In the morning" rondo - fadeout.