This song I learned many years ago in Boy Scout camp.
Some of the lyrics we sang were:

"Cocaine Bill and Morphine Sue
were strolling down the avenue"
and
"Up in the graveyard on the hill
You'll find the grave of Cocaine Bill
Up in the graveyard by his side
Lie the remains of his morphine bride"

I found this version on the Internet:

Cocaine Bill and Morphine Sue
Strolling down the avenue two by two.

REFRAIN: Oh, honey, won't you have a little sniff on me,
Have a sniff on me.

Said Sue to Bill: "It'll do no harm,
If we both just have a little shot in the arm."

Said Bill to Sue: "I can't refuse,
'Cause there's no more kick in this darned ol' booze"

So they walked down first and they turned up main,
Looking for a place they could buy cocaine.

They came to a drugstore full of smoke,
Where they saw a little sign sayin' "No more coke"

Now in the graveyard on the hill,
Lies the body of Cocaine Bill.

And in a grave right by his side,
Lies the body of his cocaine bride.

All o' you cokies is a-gonna be dead
If you don't stop a-sniffin that stuff in your head.

Now where they went, no one can tell
It might have been heaven or it might have been ... SNIFF

Most of these lyrics I don't remember singing. Anyone have any additional lyrics, or know the author. Any recordings out there?