The lyrics are easy to translate.

Drink 4 pints of Guinness followed by ½ a bottle of Powers.

The lyrics make perfect sense.

The challenge is in remembering the answer once you sober up.

Jokes aside the tradition includes mouth music, that is a collection of near random noises, to which people used to dance, perhaps with simple percussion at best. In Scot's Irish and English traditions perhaps some of the more obscure re occurring phrases could have their origins in this form.

Don't question it, enjoy it, it is what it is.