"Here we are, collecting barnacles on this miserable island..."
Smee gets his belly jabbed by a sword, ten seconds after he first appears, and tries hard to suck his belly in to avoid the sharp pointy sword. This is just the pirates making fun of him for always exposing his belly.
"...while his nibs play 'ring around the rosey' with Peter Pan!"
"We ought to be tending to the business of looting ships!"
"We have almost forgotten how to slit a throat..."
"T-t-t-Tiger Lily, captain?"
"Oh, dear, dear, dear, Captain Hook. Shooting a man in the middle of his cadenza? It ain't good form, you know!"
Captain Hook and Mr. Smee
"And he's had you by now, captain, if he hadn't swallowed that alarm clock."
"But now when he's about, he warns you, as you might say with his tick-tock, tick-tock, tick-tock."
Mr. Smee hears the Crocodile with the ticking sound
"Here now, shame on you, upsetting the poor captain." "There'll be no handouts today."
"Now, now, now, Captain, just relax."
"What you need is a shave, a nice soothing shave." "There now."