He said, I said was a song recorded for the Semi-Automatic album. It was the last song that was recorded for the album.
The Rutles were at a party in Los Angeles, California where people had passed out from drinking cups and cups of Tea. Nasty also on a tea trip, was approached by Peter Fonda (an American actor famous for movies like Easy Rider and The Trip - both also having to do with tea) who said "I know what it's like to be asleep." Nasty brushed it off and went back to his relaxation.
He remembered this conversation when one of the tapes for a different song was accidently set on fire and the album was one track short.