I've got the words from the "Spike & Jeremy live @ Cambridge" album, and they match those in Jim Dixon's post, but without the additional verse.
Trying for audience participation, Jeremy goes quiet on some of the chorus, and stops to explain that "Eskimo Pie is a type of ice cream; and don't worry about Nigger Balls, just sing it"
Next chorus Spike shouts "Nigger Balls!" and Jeremy says "Come on, if Spike can do it..."