Here's another version (rewritten by Oscar Brand on the basis of Colcord and Doerflinger). It comes from the 1960 album "Civil War Almanac: Rebels," sung by the Cumberland Three. They called it "Number Two-Nine-Two." The Cumberland Three were sometimes rousing performers on the Kingston Trio pattern. In fact, John Stewart was a Kingston alum.

You can hear the song here: https://www.youtube.com/watch?v=1Qi1KQi1jjE

When the Alabama's keel was laid,
Roll, Alabama, roll!
It was in the city of Birkenhead,
Roll, Alabama, roll!

They called her Number Two-Nine-Two...
In honor of the merchants of Liverpool....

Roll, Alaba-ama!
Roll, Alabama! Ro-o-o-ol!
Roll, Alaba-ama!
Roll, Alabama, roll!

To the Western Isles she made her run...
To be fitted out with shot and gun....

From sixty-two to sixty-four...
She took sixty Yankee ships or more....

Roll, Alaba-ama! [etc.]

It was early on a summer's day....
Cap Semmes he docked in Sherbrook [sic] Bay....

It was there she met the little Kearsarge...
With Captain Winslow in her charge....

Roll, Alaba-ama! [etc.]

Outside the three-mile limit they fought...
Brave Navy steel and British shot....

Till a shot from the forward pivot, they say...
Took the Alabama's gear away....

Then the British did the crewmen save...
From sharing their vessel's watery grave....

Roll, Alaba-ama! [etc.]