After the Flying Dutchman does eeny meeny miny moe, he picks Squidward. Squidward wishes that he had never seen SpongeBob or Patrick before in his life. The Flying Dutchman grants his wish and SpongeBob and Patrick don't remember meeting him, so they introduce themselves to him, even though that's not what Squidward meant. The Dutchman tricked him like a genie might do. They all get eaten (just like in Patrick's ending) and SpongeBob and Patrick are still trying to introduce themselves in the Flying Dutchman's belly to Squidward.
( ‣ ) Associated production music
( • ) Original music
( ◦ ) SpongeBob music
‣ ? [Squidward's wish granted] ‣Harp Ding - Nicolas Carr ["Hi there, I don't believe we've met."] ‣The Beast Within - Paddy Kingsland ["Now that introductions are out of the way, it's time for dinner."] ‣Hawaiian Cocktail - Richard Myhill [Squidward's ending]
This is one of the three endings of Shanghaied that can be found on the Sea Stories DVD.
Kids chose SpongeBob's ending, so this one doesn't air on TV, since the voting pole. All future airings of Shanghaied, are SpongeBob's ending.