The voice is saying "X, Y, Z"; that's "zee", not "zed".
Some backwards speech, just before the track becomes more frantic:
"Joe - [the stick is broken?] ..."
"Yeah, I'm gonna be a pirate and get lots of money"
"Yeah, lots of money!" [DC]
Samples 'It Would Be Like Samoa' by Edgar Froese. It is likely that this sample was not cleared, hence why the track never appeared on the official Peel Session release.