I've always thought it was "Drink an daffin, sand an dance".

By the way, the fourth line of the 3rd verse should be:

    O lassies wi their drookit curls

i.e. lassies with wet hair.

And the last two lines of the 4th verse should be:

    Tae feel ye rax yer hand tae me
    Atween the dark an caunle licht!

in English, that would be

    To feel you reach your hand to me
    Between the dark and candle light.

It's got nothing to do with axes!