Here are the lyrics as sung by Mick Moloney here (and as understood by me):

Five years ago last Sunday Paddy Clancy took a wife.
'Twas little Bridget Bailey who was fixing him for life.
So he gave a wooden wedding the event to celebrate
And he sent out invitations to his friends both small and great.
Now everyone was s'posed to bring a present made of wood.
Some of the things they brought were bad and some were very good.
But everyone who came, he did the very best he could                                  (He actually sings "But everyone he came".)
When Clancy had a wedding made of wood.

Well, there were all kinds of wood brought to the house that night:
Softwood and hardwood and kindling wood to light,
Wood and wooden shavings, enough to fill a bed,
Were brought to Clancy's house when he was five years wed.

The first one to get there was Pat O'Houlahan.
He brought in a present, a Japanese fan.
Then came Maloney, as neat as a pin,
He brought a cradle for to rock the baby in.
O'Brien brought a sawhorse, handsomely engraved.
O'Toole, he brought a cord a wood for which he didn't pay.
Murphy brought the clothespins and Ryan brought a broom.                         (He actually sings "the broom".)
It looked as though a lumberyard exploded in the room.

And there was wood that came from China, wood that came from Spain,
Wood from Jerusalem across the raging main,
Wood that came from Russia, sent by the tsar,
Wood from County Lim'rick, enough to build a car,
Wood that came from Scotland, wood that came from Wales,
Wood that came from England, wood that came from jails.
They passed around the whiskey and they passed around the ale.
When the glass, it wasn't big enough, they used a wooden pail.

Everyone was feeling good. No one was feeling dry.
They all were in the glory and the glory it was high.
Someone asked Clancy would he sing a song.                                               (He actually sings "will he sing a song".)
Clancy said he would, but his voice was gone.
Up jumped Maloney and he gave a recitation
All about the kinds of wood that grew in every nation.
Begorra! Such a racket, it was hard to keep it mum.
O'Brien called Maloney an educated bum.

So up jumped Maloney and he hit him such a whack
(It/That he) raised up a lump in the middle of his back.                                (He doesn't sing the words in the brackets.)
That was the signal and they all began to fight.
The women hollered murder and they said it wasn't right.
O'Brien threw the frying pot and then the frying pan.
Murphy threw the poker and he hit O'Houlahan.
Patrick lost his false teeth and through the window dove.
Maloney sat down on the red-hot stove.

There was all kinds of wood went flying through the air.
Brady hit O'Grady with the handle of a chair.                                               (He actually sings "handle of the chair".)
Murphy grabbed Sullivan and threw him on the bed,
Stabbed him with a clothespin and left him there for dead.
The police caught twenty-five and thirty got away.
They took them up before the judge the very next day.
The judge looked them over as before him they stood.
He gave them sixty days in jail - now they're all sawin' wood.