I found what ought to be the definitive version in a PDF file at The Bacon Brothers' own web site. I took the liberty of rearranging the line breaks and adding some punctuation. I think it makes the metric structure and the rhyme scheme of the song a bit clearer.

Peace, your second posting is the right song, but it contains lots of Mondegreens.

OLD GUITARS
Kevin Bacon, Michael Bacon

She gave me an old guitar. She said, "Teach yourself to play.
You've been lookin' kinda bored. Maybe this will fill your day."
She went out and I stayed in and I struggled with that thing.
She went west and I stayed east and I tried my best to sing.

And I sang Sam and Dave, and Catch that Wave, The Boss, and Buddy Holly,
But every happy song I sang sounded melancholy.
I learned C, and G, and D, and E, and F, and F-sharp-minor,
And in my mind, when she walked out, I'd gone to Carolina.
I went Doo Doo Doo...

Hearts can break just like a string.
Old guitars can't fix a thing.
I put that Martin in its case
With the memory of her face
Where it stayed to gather dust.
I waited for someone to trust.
Couldn't stand to twist and shout,
Not too much to sing about.

No more Dave Clark Five, Four Seasons, Three Dog Night, Too Hot to Handle,
When even Mozart leaves me cold, Brahms, and Bach, and Handel.
Creedence, Creech, and Croce couldn't get my heart a-pumpin'.
Jimmy Smack would not come back. Jack Flash wasn't jumpin'.
No more Doo Doo Doo...

Fifteen years have come and gone. My wife handed me this old ax.
She said, "I wanna hear you play, watch your face as you relax.
You've got six more shiny strings and you've got me alone tonight.
Stroke that neck and think of me. Hold that guitar nice and tight."

And I sang Don and Phil, Fool on the Hill, The Band, and Van and Lyle,
But every sad, sad song I sang, I sang it with a smile.
I learned Marvin Gaye, Dock of the Bay, The Spinners, and the Blue Notes,
Goffin King, and Boyce and Hart, even some that I wrote.
And I went Doo Doo Doo...

I feel fine, Patsy Kline, the King, and Sting, and Bonnie.
Maybe we could harmonize just like June and Johnny.
Zimmerman, the Glimmer Twins and both Neils: Young and Diamond;
Monkeys, Turtles, Drifters, Coasters, Jacksons and the Osmonds.
One more time, Doo Doo Doo...