The words I know go something like this:

Some folks jump up and down all night at the D A N C E,
While others puff with all their might on their old P I P E.
Some men stagger home in the morning light to their W I F E,
and then they laugh at me because I'm S A V E D.

Oh, It's G-L-O-R-Y to know I'm S-A-V-E-D
I'm H-A-P-P-Y because I'm F-R-E-E
I once was B-O-U-N-D by the chains of S-I-N
But it's V-I-C-T-O-R-Y to know I've Christ within.