I was in elementary and early middle school from 2008-2012 in North Carolina, U.S., and the version me and the kids in my class would play went like:

Down by the bank with the hanky panky,
Where the bullfrogs jump from bank to bank(y),
Singing east side, west side,
East side, west side
East side, west side
Dilly/diddily dang dong!

We would usually stand in a circle with our palms out to the side, each persons right hand on top of the person beside them’s left hand. As we sang we would pass a clap around the circle by hitting the person on our left’s hand. If you hit someone’s hand on “dong” you got them out, but if they pulled their hand away quick enough and you hit your own, you were out. If you caught yourself and didn’t hit them or you you continued in the game.