Not the same one, not along the same lines, but this is one I have heard and like.

In the field there was a Korean,
He was standing there a peein'
Lock and load one round, the Korean hits the ground.

In the snow there was a Commie,
He was crying for his mommy
Lock and load one round, the Commie hits the ground.

There is another verse but it is about killing a baby, I am leaving that out.