We have a different version of "high low peccalow" here (Herts, England).
Instead of peccalow it reads:

My names is ....
High Low Jigga-low
Jigga-low high Low
High Low Jigga-low
Jigga-low high

You hold onto your friend's right hand with yours and your left hands make contact.
When the song says high, you clap above the joined hands, when the song says low you clap below and when the song says Jigga you clap on the joined hands.
The aim is to run through the song as fast as possible without mucking up the clapping.
We're 17 now, but we still sometimes play it if we've nothing better to.
Usually the most muck ups happen on the second line where it goes low high.