at my school it goes like this. (some lyrics are missing, though)

Down by the river of the hanky panky
where bullfrogs jump from bank to banky
say a,e,i,o,u
old lady said "ding dong"
Yo mama smell like king kong
michael jackson came to town
coca cola brought him down (note: him is michael jackson)
coca cola brought him up
now we're talkin' seven up
seven up has no caffiene
now we're talking billie jean
billie jean (is) insane at night
now we're talkin' dynamite
dynamite blew up the school
now we're talkin' really cool

and that's all I know. :)