I remember that one as:

The worms go in, the worms go out, The worms play pinochle in your snout...

And for us the other worm song went:

Nobody likes me, everybody hates me, Guess I'll go and eat some worms. Big fat juicy ones, long thin slimy ones, Pinch them, watch them squirm. Bite their heads off, Suck their guts out, Throw their skins away. Nobody knows how good we can live on Worms three times a day!