Just in case anyone is still looking for this, here's the proper lyrics (as per the Live from Scotland album)

Sails she swiftly from the harbour
Fa-la-lee-ho fa-la-lee
Like a lone gull before the storm winds
Fa-la-lee-ho fa-la-lee
Kismuils' galley goes a-reiving
Sails she swiftly to Isla's shore
To isles of daring o' deeds and laughter
Fa-la-lee-ho fa-la-lee

Through the moonlight she lays her coursing
Fa-la-lee-ho fa-la-lee
Far beneath her the grey-blue limpets
Fa-la-lee-ho fa-la-lee
Spoils of glory is her venture
Deeds of valour in brightest dawn
On through Mulla to fair green Isla
Fa-la-lee-ho fa-la-lee

Turns she homeward through dancing sunlight
Fa-la-lee-ho fa-la-lee
From soft green southland to northern dark night
Fa-la-lee-ho fa-la-lee
Scars of battle are on her timbers
Grain and cattle for hungry homes
Hardy winter's toll avoided
Fa-la-lee-ho fa-la-lee

Now the harpist weaves his story
Fa-la-lee-ho fa-la-lee
Laments the heroes of former glory
Fa-la-lee-ho fa-la-lee
Kismuil's galley safely home now
Sleeps she softly like a swan
No dreams of war now her wings are folded
Fa-la-lee-ho fa-la-lee