I think what I learned must have had a different tune, but the game was the same, and the words went something like this:

Crocodile moray, croc croc croc,
Hey cinqo cino, cinqo cinqo sa-kay,
Mallow, mallow, mallow mallow mallow,
Mah-llow, one two three four!

And on four, the person on the receiving end had to yank their hand out of the way; if they didn't, they were 'out.'