Caution is a word that I can't understand

C-A-U-T-I-O-N was a word I could not understand
Walked the dog with a real short leash
Turned around, saw the dog walk me

Stainless steel and painted glass give me
Pulse like a hammer and mind to match
No relief, no food, no sleep
When you're king for a day
You're a whore for a week

I didn't get it then
I think I got it now
Caution my friend
Don't step in the water till you know you can swim