This song is one of my favourites and surprisingly easy, 
it is three chords throughout, I've only listed the chords  
as I'm not good with solos etc.  
It is based on C, D and G, although D/F# is sometimes used: 
      C      D         D/F#        G       
 e   0           2         2           3 
 B   1           3         3           0 
 G   0           2         2           0 
 D   2           0         0           0 
 A   3           -         -           2 
 E   -           -         2           3 
 
The whole song is four strums on C, then 2 on D, and 2 on G, for a better 
effect alternate between strumming and picking notes. 
 
The lyrics: 
         C            D               G 
On a crowded beach in a distant time  
            C                      D          G  
At the height of the summer see a boy of five  
            C            D                   G             
At the waters edge so nimble and free 
       C                      D             G 
Jumpin over the waves looking way out to sea 
         C                  D               G       
(No words)                             
      C                    D             G 
Now a man comes up from amongst the throng 
      C                    D             G 
takes the young boy's hands and his hand is strong 
      C                          D                 G 
And the child feels safe, yeah the child feels brave 
      C                            D               G 
As he's carried in those arms up and over the waves,  
      C            D      G 
Deeper water  
      C            D      G 
Deeper water  
      C                    D      G 
Deeper water.....................is calling him on 
C                 D                 G 
(no words) 
C                 D                 G 
(no words) 
C                 D                 G 
(no words) 
 
Lets move forward now and the childs seventeen 

With a girl in the back seat tuggin at his jeans 

And she knows what she wants, she guides with her hands 

And a voice cries inside him , I'm a man, I'm a man 

Deeper water 

Deeper water 

Deeper water.............................is calling him on 
 
Now the man meets a woman unlike the rest 

Well he doesn't know it yet but he is out of his depth 

And he thinks he can run it's a matter of pride 

But he keeps coming back just like a cork on the tide. 
C            D      G                  ( Different timing) 
Deeper      water 
C            D      G 
Deeper      water 
 
Now the years hurry by and the woman loves the man 

One night in bed he grabs a hold of his hand 

Says 'dad can you feel it kicking inside' 

And the man gets a shiver right up and down his spine 
      C            D      G 
Deeper  water 
      C            D      G 
Deeper  water 
      C            D      G 
Deeper  water.....................is calling him on 
 
So the clock moves on and the child is a joy 

But death doesn't care just who it destroys 

Now the woman gets sick 

Its down through the bone 

She says where I'm going, I'm going alone 
C            D      G                  ( Different timing) 
Deeper      water 
C            D      G 
Deeper      water 
 
On a distant beach lonely and wild 
At a later time see a man and a child 
And the man takes the child up into his arms 
Takes her over the breakers, to where the water is calm 
 
Repeat chords and fade. 
 
And that's it :), I hope someone will enjoy this.