This is how I learned that song: All sitting in a circle with the hands out, palms up claping around the circle and on the ker-plop that person was out.

Down by the banks of the hanky panky
where the bull frog jumps from bank to banky
with as eep opp oop-si-doodle
with an eep opp-si-doodle and a KER-PLUNK!