I heard it on a kids' record in the 50s. I recall the final line, but there may be another or 2 before it:

Old man 'badiah jumped in the fire.
The fire was hot so he jumped in the pot.
The pot was little so he jumped in the kettle.
The kettle was black so he jumped in the crack.
The crack was high so he jumped in the sky.
The sky was blue so he jumped in the canoe.
The canoe sprang a leak so he jumped in the creek.
The creek was soft so he jumped in the loft.
The loft was rotten so he jumped in the cotton.

THEN WHAT HAPPENS?

The cotton was soft so he pulled off his shoes
And stayed all night.

Now, does anyone know the chords?