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There are a lot of ways this can be interpreted, but it appears to be a sympathetic message to a friend - possibly the band's guitarist Paul Kossoff. Kossoff had drug abuse problems, so he had one foot in "The wishing well," meaning "One foot in the grave." Kossoff died from a heart attack on March 19, 1976 on a Los Angeles to New York Flight.
Excluding the 1991 remix of "All Right Now," this was the last of Free's 3 UK Top-10 hits. (thanks, Edward Pearce - Ashford, Kent, England, for above 2)