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The "Old School" referred to in this song is Bard College in Annendale, New York, where Donald Fagen and Walter Becker met. The song is at least partially inspired by an event that occurred at Bard, where both Becker and Fagen, along with their girlfriends, were arrested in a pot raid on a party that was orchestrated by an ambitious young District Attorney named G. Gordon Liddy (hence the line "Tried to warn ya about Geno and Daddy G"). Despite the fact that California has not (yet) tumbled into the sea, both Fagen and Becker have returned to Bard. (thanks, James - Lexington, KY)
The "Wolverine" is the train that went to Annendale.
Al Jourgensen of Ministry
In the name of song explanation, Al talks about scoring heroin for William Burroughs, and that's not even the most shocking story in this one.