I was looking for the same lyrics and ran across this website. Its funny how we "know" the song, but each of us remembers the words a bit differently. My momories, and they are phonetic:

Pepsi cola me sa waki. . .(then make a kind of grunting noise)unh
Pepsi cola me sa waki. . . unh
Pepsi cola me sa waki. . .

Aki daki dooma, aki daki dooma, hey diddle i diddle o diddle a
Aki daki dooma, aki daki dooma, hey diddle i diddle o diddle a

The "pepsi cola" part was done with your hand shading your eyes, looking for seals, or walrus', first with your right hand, then the left, then the right again, all in a sing-song voice. The grunting after the me sa waki part was you throwing a spear at whatever you were hunting!

The aki daki dooma part had your arms crossed in front of you, held at chest height, rocking them up and down, left right left right, then the hey diddle part you opened up your arms, then closed them, then opened, closed.

I never knew the whys and wherefores of this song. We just sang it and had a good time!!