I just ran across this thread a few minutes ago. Here are all the lyrics to "The Emperor Napoleon" (unknown recording, but I think maybe you're right that it was Spike Jones):

There was an emperor Napoleon
Who never heard a nickelodeon
But if he had, there'd have to be
A little change in history

Instead of going off to fight a war
He'd capture glory on the ballroom floor
And you can bet your bottom sou
He'd never get to Waterloo

And when he put his hand inside his vest
The people said he looked the craziest
And the word soon spread through all of France
That the emperor Napoleon sure could dance

We know he fought the Duke of Wellington
But if he'd heard the Duke of Ellington
He would've been the coolest one
The emperor Napoleon