I also learned it as Scotland, this way:

Scotland's Burning! Scotland's Burning!
Look out! Look out!
Fire! Fire! Fire! Fire!
Pour on water. Pour on water.

I am of Scottish ancestry, Douglas Clan, and so are many other Texans where I live.   My husband of the Cody(Oda)family, was also Scottish, and he learned it as a child, as I did, with the word Scotland's.

Thank you. Canadian graduate & Jack Campin, thanks for the history. All others, it would be interesting to know if everyone's ancestry determines which song their parents taught them. Would like to know.
sbach@warpspeed1.net
My link did not come out blue, here, so you can just write to me at sbach@warpspeed1.net.    Nessie