'Clouting' means 'mending'. So the Man in the Moon was mending St Peter's shoes.

'Fie' is an expression of disgust or disapproval. I'd translate, "Fie man, fie!" as "Don't be so bloody daft mate!"

We hollered this song out in the folk club in Edinburgh in the early sixties. Everyone was a Scot, but we definitely sang, "Who's the fool now?" and not "Wha's fu' the noo?"

I did often hear the word fu' (meaning drunk), especially among those from Fife.