The title of the song comes the 2003 Disney movie Pirates of the Caribean: The Curse of the Black Pearl
In one of the more famous scenes in the movie, Captain Jack Sparrow’s rum is burned by Elizabeth Swan as a smoke signal to the Royal Navy.

https://www.youtube.com/watch?v=FTi40w0nLgo&feature=kp

It’s worth noting in this song that Buddy describes himself as a charismatic, ruthless, prestigious, intimidating Captain which is the polar opposite of the bumbling, silly Captain Jack Sparrow.