There are verses, too, but I can't remember all the words. You can find the whole song on Sharon, Lois and Bram's CD "Elephant Party." SL&B do kids' songs and they're wonderful.

The intro begins
In the naughty nineties, ladies were so gay..

The middle verse ends with:
Grandpa says boomping is shocking,
You might show a glimpse of your stocking.