Bob stays home alone.
Girl offers guilt gifts. She's sailed
Far from him for good.
Usually it's Dylan who's doing the wandering, the walking and the rambling. This time the girl sails away and offers him gifts, presumably from the guilt of missing him. He asks only for her to return, saying that that's worth more than "the stars from the darkest night and the diamonds from the deepest ocean." She's not feeling guilty enough to change her plans for an indefinite expatriate life, however, and once she makes this clear, our hero asks for boots of Spanish leather. These boots are, after all, made for walking.
This song was recorded for the album "The Times They Are a-Changin'," released early in 1964.