I can remember as a small child at school in Buxton, we all held hands in a line. The person on the end of the line put their right arm on the wall and then the others went under, the kid by the wall letting their left arm follow through to cross the arms. The line the went under the arch made by the first kid's left arm and the next kid's right and so on, until all had their arms crossed in front. They then made a circle, still with arms crossed, and sort of twisted left and right as they chanted the follow-on rhyme so that their arms (in front of their bodies at waist height) sort of slid up and down each other. I think the Big Ship song was finished off before the follow-on chant started:

Ip dip dip, my blue ship, Sailing on the water like a cup and saucer ip dip dip, my blue ship, O-U-T spells out!

At this point the memory is getting a bit unreliable (it was nearly 40 years ago) but at some point I think the arms were "bounced" up and down, maybe on the O-U-T spells out. Although it is a bit like a selection chant, I think it was merely the next down the line who started off again.

mouldy^^