We sung this one when I was a kid in NE Ohio (I'm 27 now). But it went:

Down by the banks with the hanky-panky
where the bullfrogs jumped from bank to banky
with an eeps, ops, ohps ops,
eeps ops ohps and it goes ker-splash!

The one about the dirty magazine went like this:

bubblegum, bubblegum in a dish
how many pieces do you wish?
(someone says a number) ex: three
T-H-R-E-E spells "three"
and out you go, you dirty old dishrag, you!
not because you're dirty
not because you're clean
just because you kissed a boy behind the Playboy magazine!

Also, I have been looking for the Italian version of the hand-clapping ("down by the banks") song. Does anyone know it?