This song was written by John Hiatt, who released the original version on his 1974 album Hangin' Around the Observatory
. The song contains some very Zen observations, although it appears to be sung from the perspective of someone who is sitting on the toilet. There is the clear sound of a toilet flushing about 3/4 of the way through the song. It doesn't fit with the words, so it is unclear if that was the intention of John Hiatt when he wrote it, but it seems likely that was what Three Dog Night intended when they put this "effect" in their version of the song.
Daniel - Sanger, CA