That Brian Fox video is HILARIOUS! He looks more like Anthony Kiedis after a few pies.
Regarding your bass solo - I've listened to your bands a lot on Youtube and the like, WoT, and know that a bass solo seems like quite an epic prospect for someone coming from a folk-rock background (hope I haven't pigeonholed your style too much with that comment)
I've been presented with a similar challenge in the past and found that listening to some Jethro Tull and Fairport Convention live stuff helped me a lot. My suggestion would be to learn the chord progression as arpeggios, add in the passing tones between the chords in whatever key you're playing in, and add/subtract from there. Double stops are definitely your friend too!
Hope this helps, there's been some great advice in the thread so far, I'm just augmenting it (pun very much intended )
Danny