This is the song started by the boy and joined by the rest of the pirates sentanced to hanging.
****WARNING!!! SPOILER ALERT!!!*****
I think this song might refer to the pirate "king and his men"(original brethren court) capturing "the queen"(Calypso) and binding her "in her bones"(her human form).
As Captain Barbossa says later: "This is where the original Brethren Court captured Calypso and bound her in her bones." (something along those lines but the words "bound her in her bones" were definately used)
"The seas be ours" as in giving over the seas to mans control now that Calypso was caught in the flesh and couldn't rule anymore. Interresting, eh?
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