this is how I remember the song from the early 80's in the interior of BC, Canada:

down by the banks of the hanky panky
where the bullfrogs jump from bank to banky
with the eep ipes opes op
hey sock it to me with a
ker-plop

and there would be a sort of patty-cake fast clapping alternating with a partner to go along with it. this is a real great thread, and I'm encouraged to add some verses to the version I grew up with. so very neat to see so many variations, I had no idea!