This was a either a fairly obvious episode or one that is clueless. So here goes the obvious.
Sylvia is the archetypal mother/whore. We did not need to see young Dick Whitman with a maternal prostitute to get it. Sylvia is a dream woman; every man will love her without having a similar tryst at an early age.
As far as the rest of the episode, it represents a delusional drug-induced creative cacophony in which doped up individuals believe they have created something remarkable which, unfortunately, is just gibberish to the sober mind. In other words, a trite commentary on drugs and the ’60s.