I found this while searching for a different song about tickling. (See Lyr Req: Shotgun Tickle for the original request.)

Transcribed from a RealAudio file at the Honking Duck site:
http://www.honkingduck.com/BAZ/baz_side.php?meth=t&letter=i&title=I%2520Tickled%2520Nancy&cuid=20483A
Click to play. There are a few words or phrases I'm uncertain about; these are marked with (?).

I TICKLED NANCY
(Uncle Dave Macon & His Fruit Jar Drinkers, 1926)

Been living in the city, but I like the country life.
A dear little country girl I'm going to call my wife.
The first time that I met her, the night was very dark
And you can bet I'm happy with the whole big (?) jolly lark.

CHORUS: For I tickled Nancy and Nancy tickled me
For when we are married how happy we will be.
For we will sit together as happy as can be,
For I'll tickle Nancy, and Nancy'll tickle me.

Now Nancy is a lovely girl; to me she is a charm,
And I can trust her without any alarm.
As we were walking to the home, I placed my loving arm
Around her waist so carefully (?) until we reached the farm.

CHO: Then I'd tickle and Nancy'd tickle me...

And now we are married, we invite you all to call
To come around to ... (?) with us in the fall.
In the winter by the fire, set Nancy on my knee.
For I'll tickle Nancy and Nancy'll tickle me.

Ha-ha-ha-ha-ha-ha-ha, ... (etc. for an entire verse.)