The song is in The Most Popular College Songs (Hinds, Hayden & Eldredge, 1904, 1905, pp. 50-51) as "Blow, Ye Winds, Heigh-Ho!", with 5 stanzas. The 4th has quite a few differences from the version quoted above.

4. All nautical pride we laid aside,
    And we ran the vessel ashore
    On the Gulliby Isles, where the Poopoo smiles,
    And the rubbly Ubdugs roar.
    And we sat on the edge of a sandy ledge
    And shot at the whistling bee-ee-ee;
    And the cinnamon bats wore waterproof hats
    As they dipped in the shiny sea.
       Then blow, etc.

Sigmund Spaeth says: "The ... college song, A Capital Ship, certainly owes its refrain, 'Then blow ye winds, heigh-ho, a-roving I will go,' to that of De Camptown Races" (A History of Popular Music in America, Random House, 1948, p. 107).