Hmmmm. This one is a puzzle. I looked through a stack of Limeliters albums, and didn't find it. I did find this (click), which seems to indicate that the Hebrew name of the song is "Shir Habokrim." Zemerl (click) has lyrics for "Shir Habokrim," but they don't seem to jive with what you've posted.
Any idea what Limeliters album it's on?
Ah, I looked again - it's called "Aravah, Aravah" on The Slightly Fabulous Limeliters - except that the CD reissue spells it "Aravan, Aravan."
-Joe-