Here's a mechanical translation from Google - I haven't a clue whether it is valid .
Seems to me the original words are fine and that the French should learn them in the same way as w had to learn the pointless frere Jacques.

Rangée , rangée, rangée votre bateau, délicatement par le courant, gaiement, joyeusement, nous rangée le long de la vie n'est qu'un rêve.