It's fairly easy to see how to decompose the given words:
Unfortunately, the actual interpretation is more subjective. The first and third in particular are very ambiguous.
Some possible interpretations:
I know it's been a while since this question was posted, but I was just going through related puzzles and found this one. It looks like a neat puzzle, and I'm a sucker for wordplay and most things related, so I thought I might try my hand at this.
After drinking my tasty RUM, I set out on a walk through the foul crypt, with my favorite CHAIN to keep my ears ...
I guess I see the intended solution, but not sure if I'm missing something. I believe the 3 Ps are:
Which we arrive at by:
And regarding the hints,
This puzzle has been intentionally altered.
I love red herrings, how about you? Given his mind, he must too
The rest of the hints are