Thanks Lacken101, it's obvious now that "Old Billy" is a reference to William Shakespeare.
I'm mixing topics now but until I closely, studied the lyrics to Don's, Driving With Your Eyes Closed, I thought, some guys breathed "bubble air" rather than "Baudelaire" (1821 – 1867) A French poet who also produced notable work as an essayist, art critic, and pioneering translator of Edgar Allan Poe.)
You need an encyclopedia and a dictionary to understand all Henley's references.