The version i was taught went something like:

Once there was a China man,
He's name was Chika Raka Choo Chi Chan,
He's legs were long and he's feet were small,
And the poor little fella couldn't walk at all.


(CHORUS)
Chika raka choo chi chan chika nora
Conday nora, iddy widdy woo.
Oko Poko, biff him on the poko,
Iddy pi iddy pi, im pim pim/

The cow was on the railway track,
the train was coming fast,
The train got off the railway track,
To let the cow go past.

(CHORUS)

The china man he went to sea,
Took his wife and family,
The ship was wrecked and so you see,
That was the end of the poor Chinese.

(CHORUS)

I never did really get it, but it was always fun to sing!