The song in 1975 as a tribute to Jacques-Yves Cousteau and his research ship, the Calypso. The song was featured on Denver's 1975 album Windsong.
Released as the B-side of "I'm Sorry", "Calypso" received substantial airplay, enabling it to chart on the Billboard Hot 100. After "I'm Sorry" fell out of the #1 position, "Calypso" began receiving more airplay than "I'm Sorry," thus causing Billboard to list "Calypso" as the new A-side. Hence, "Calypso" is itself considered a #2 hit on the Hot 100.