I learned the song in 2001 (my Sr Year of High School) at camp. I didn't see the version i learned so i thought to post it.

Down by the banks of the hanky panky
where the bullfrogs jump from bank to banky
with an A...E...I...O...U.. Keerrr-plop.

We stood in a circle with palms up your right hand laying on your neighbors left. as the song starts you hit the persons right hand to your left with yours. the person who got hit on the plop went out. and you went till the last person standing was the winner.