This is the way we sing it at my school:

Down By the Banks with the Hanky Panky

Down by the banks with the hanky pank
where the bullfrogs jump from bank to bank
singing E I O U
Your mother stinks [smells] and so do you
ping pong diddly dong
Your daddy smells like King Kong
[Went to school with nothing on]
Ask your teacher what to wear [she wears],
Polka dotted underwear.
Not too big
Not too small,
Just the size of city hall [Broward mall]
Pledge allegiance to the flag
Michael Jackson is a fag
he used to play with little toys
now he just plays with little boys
Michael Jackson went to town,
Coca-cola brought him down.
Dr. Pepper brought him up,
Now he's drinking 7up.
7up with no caffeine,
Now he's seein' Billie
Billie Jean is outta sight,
Now we're talking dynamite.
10, 9, 8, 7, 6, 5, 4, 3, 2, 1, BAM!
[tic tock tic tock BOOM! BOOM!]


everything in the brackets is an exception...and we dont mention michael jackson, but i saw it on this sight and decided to mention it :]