Hi~

When I was in Elementary school in Florida we had a version of this. It went like ;

Down by the river with a hanky panky
where the bull frogs jump from bank to bank
saying EIOU
Your mama stinks and so do you
ping pong donley kong
went to school with nothing on
Asked the teache what to wear
Polka dotted under wear
not too big, not too small
just the size of Broward mall
reece peices butter cup
now were talking 7up
7up has no caffeine
now were talking Billy Jean
Billy Jean blew up the school
now were talking really cool
really cool is in the house
now were talking Mickey Mouse
Mickey Mouse and all his friends
Now we'll count to ten / name all his friends

We would stand in a circle and hands out palms up and slap each others and at the end when we count/say the names the person that gets hit is out.