I have two I learned in grade school:

Mine eyes have seen the glory of the burning of the school
We have tortured every teacher who has ever lived to rule
We have shot the secretary and we've hung the principal
The school is burning down

Glory glory halleluiah
Teacher hit me with a ruler
I hid behind the door with a loaded .44
The school is burning down

I KNOW there are more verses, but I don't remember them.

and (this was posted, but I have more/different verses)

On top of old smokey
All covered in blood
I shot my poor teacher
with a .44 slug

I shot her for pleasure
I shot her for fear
I shot her for drinking
My Budweiser beer

I went to her funeral
I went to her grave
Some people threw flowers
But I threw grenades

I looked in her coffin
She wasn't quite dead
So I took a machete
And cut off her head

They took me to prison
Put me in a cell
So I grabbed a bazooka
And blew them to hell

I probably first heard these in 4th grade or so, maybe 3rd.