This is the version my university mountaineering club used to sing:

Old King Cole was a merry old soul
And a merry old soul was he
He called for his rope and he called for his boots
And he called for his leaders three
Now every leader was a fine leader
And a very fine leader was he
"Now follow that, follow that" said the leader
"Jolly fine men are we
There's none so rare as can compare
With the lads of the [insert name of climbing club]"

"I'm coming out, coming out" said the piton
"I'm up the chute, up the chute" said the guidebook
"I've got a piece of your thumb" said the snaplink
"I've got the lunch, got the lunch" said the third man
"I'm coming off, coming off" said the second man
"Now follow that, follow that" said the leader
"Jolly fine men are we
There's none so rare as can compare
With the lads of the [insert name of climbing club]"

It's funnier after several pints in the back of a Welsh pub.