My friends play it like this:

Down by the bank by the hanky panky
where the bullfrogs jumps from bank to bank
We're sayin ep op ep op op
skiddle diddle kernal pop!
I pledge alligence to the flag
Micheal Jackson makes me gag
Coca Cola messed him up
now we're drinking 7up
7up has no caffine
now we're drinking gassoline
Gassoline not good for you
now we're drinking Mt. Dew
Mt. Dew fell off the Mt.
now we're drinking from a fountain
The fountain broke
and now we're back to drinking coke