I've tried again to extract some frames and sharpen them but unfortunately I can't make the text fully legible.
It looks like:
I cannot read the first word(s), however it seems to start with a capital "A" and to me it appears to be one word, so I am not sure about the first part of your guess, but it is definitely "lost" and not "lust" as I had assumed earlier.
The thing is that this plays no role whatsoever for the episode. Hal could be reading a magazine or some book from the public domain and it would not change a thing.
Originally Posted by Richiepiep
So why did they go the lengths of making up a cover for a pirate-novel that hardly anybody would notice and that has no real role to play - rather then simply letting Hal read some generic newspaper?
It must be some in-joke of the production team, not intended for the audience.
But I'll be watching out for more details like this in the future :-)