John -
The song you posted above is one of many variations (and only a slight variation at that) of the song Coast of Peru, a popular favorite of sailors in the days of whaling.
As for the double entendre with the word "sperm," there are zillions out there. I've even run across this one:
...the Queen must have sailors For to bring her more sperm So Johnny must come...
Now if that's not a thought provoking choice of words, I don't know what is.
- Matt