Gargoyle gives the actual reference, so there you are. But Mark - if Peter walked the water, his shoes would have gotten a real mess. No wonder Martin saw the man in the moon "clouting up St. Peter's shoon"?
Not to forget this is a nonsense song & anything can go into it.
I like it. It's one of the few songs anyone has ever requested me to sing again. This version is a Scottishism of an English corruption of a Scottish song. You can tell this from the refrain (=title) which, in older Scots versions is: "Wha's fu' the noo." Now it makes sense - a drinking song.
BTW, I've never heard the USian version, "Hurray! Lie." Might anyone know of a midi or other clip of it?