I know it's been a few years, but I just found this thread. I grew up in Texas, and my grandma used to sing me a very similar song, but the weird are mostly different.

Come a hoop, come a heep, come a high ho
Around the merry lane
Come a round, round, round
Rip tip tan ho-rah, boys
Ra ra ra and a doodle doodle doodle
And a fee fi fiddle and a banjo
Through the woods we run away, boys,
Through the woods we run.

First we meet was a boat'sman
A building up his boat
Said he saw Beau Reamus
Down by the water float

I don't know if it's the same story, but it's so similar. I'm also a little worried that it's changed the lyrics to accommodate the time. I think my version came from around the Appalachian area, but as I stated, there's no info on it. My grandma claimed it had been in the family for years.