Lyrics in Ship of Fools meaning?

It's for a poetry project in English, I get most of it, but not what "places" and "faces" could stand for. Also the whole third paragraph... Any help is appreciated. If you have another song with poetic lyrics, I would love to hear it.

Ship of Fools
The captain's in a coma, the lieutenant's on a drunk;
the owner's in his cabin with his special friend,
the monk;
the midget's on the bridge, dispensing platitudes
and junk -
those wild and special places,
those strange and dangerous places,
those sad, sweet faces,
it's a Ship of Fools.

The nurse in black seamed stockings, she's already on patrol
for fake fur starlets panicked by the watering-hole;
everybody's waiting for the drama to unfold
in those cold and treasured places,
those old and degenerate places;
those posed, posed, empty faces
it's a Ship of Fools.

Run, rabbit, run, you're the only one
that can do it;
turn, baby, turn, there's a ring of fire
and you've got to go through it.
Fun, baby, fun, when the sands have run
to the limit
turn, baby, turn, there's a ring of fire
and you're in it.

Looking for logic and adventure
down the dark end of the street,
open city, open season, open lips that gleam so sweet
offer kisses like piranhas
to the soft flesh of your feet,
and any man's poison is every man's meat
in those mad and special places,
those sad and desparate places,
those sad, sweet soul embraces,
it's a Ship of Fools
Those strange and special places
those wild and dangerous places,
those dead, dead, dead faces....
It's a Ship of Fools;
no rules.