This is really funny, because I got the song soooo wrong, I probably mis-heard it once and repeated it again and again, but the version i remember is:

Down by the river, by the hanky panks,
A boy got shot by the hanky panks,
Say ee, i, eat my pie,
Skittle round to dittle in the world, oh my :P:P:P:P:P

Haha now that I write it, it makes absolutley no sense at all!