Could you please replace them as another words?

These are  lyrics of a song that is sung  in a scene of  the movie , 'The scholl of rock" .  They seem to be made by the main actor.
I'd like to know what the lyrics means. I Know there ones are made by easy words. but I can't see some means of them and the situation that they expresses. exactly.
And therefore Could you please replace them as another words?

The lyrics go-----------------------------------------
??Keeping your head over water
??Making a wave when you can
??Temporary layoff Good time
??Easy credit rip-off Good time
??Scratching and surviving Good time