I learned this a long time ago while in day care. All of the kids who played were 7 to 11 years old. This version is like many others except on the last verse...

Down by the banks with the hanky pank
where the bullfrogs jump from bank to bank
singing eips ieps oops umps chilly willy ding dong
I pledge allegiance to the flag
michael jackson makes me gag
Coca Cola burns his butt
now we're talking 7-up
7-up has no caffeine
now we're talking beligene
beligene is out of sight
now we're talking dynamite
tic, toc, tic, toc, tic, toc boom!

And then on boom! whoever had their hand slapped was out and the game continued until it narrowed down to one winner. I'm not sure how they decided the winner when two people were left..