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I'm afriad that I'm baffled by Frodo's sea dream (although it might have something to do with the actual sea itself, and the sea-longing of the Elves) but I think Bilbo's dream in The Hobbit might simply be a foreboding about his finding the ring. He eventually became somewhat obsessed with it, and would probably look for the ring frantically if he had ever lost it (kind of the way he does in the beginning of the Extended Edition of the Fellowship movie). Either that, or it could simply be a metaphor for Bilbo's feeling "lost" on his strange adventure.
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The world is a great book, of which they who never stir from home read only a page
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