I knew several variants of "the burning of the school", but I think the one I thought of as canonical went:

Mine eyes have seen the glory of the burning of the school,
We have tortured all the teachers, we have broken every rule,
We're marching down the hall to hang the principal,
Us kids are marching on!

Glory, glory, halleujah!
Teacher beat me with a ruler,
I knocked her to the floor with a loaded forty-four,
And that teacher don't teach no more.

This was, of course, sung with no intention of shooting (or hanging) anybody, and the adults in our vicinity knew better than to take it so.

Haruo