I don't know the tune, but Russell Ames gives us the lyrics and some info in The Story of American Folk Song (Grosset & Dunlop, 1960, p, 179), as follows:

The canal was opened in 1825, and by 1845 there were about four thousand boats on it, employing some twenty-five thousand men, women, and boys. One of the most widespread of their songs, "The Raging Canal," pretended that the voyage along the ditch, originally four deep, at a speed of about four miles an hour, was very dangerous. This was the canaller's favotie joke.

The winds came roaring on,
Just like a wild cat scream,
Our little vessel pitched and tossed,
Straining every beam.

The cook she dropped the bucket,
And let the ladle fall,
And the waves ran mountains high
On the raging canal.

The captain came on deck
With spy glass in his hand,
Bit the fog it was 'tarnel thick,
He couldn't spy the land.

The clouds were all upsot,
And the rigging it did fall
And we scudded under bare poles
On that raging canal.