I am from Las vegas, nv and learned this song in Girl Scouts. I had no idea that other people sang much longer versions! our general goal was to slap hands as fast as possible so that we could sing as fast as possible and get someone else out and be the winner! and then it starts aaaaaaaaaaall over again. we sang a very simple version as someone posted above

down by the banks of the hanky panky, where the bull frogs jump from bank to bank, sayin' eeps opps soda pops, johnny broke a bottle and it went ker-PLOP!