When I was at Yale, we sang a version that I remember as follows (there may have been other verses), which was associated with a drinking ritual at Mory's:

I was lying in the gutter I was covered with beer,
Pretzels in my moustache, I thought the end was near,
Then along came [NAME], and saved me from sin!
Glory, glory, hallelujah, hip, hooray, Amen!

Sing hallelujah, sing hallelujah,
Put a nickel on the drum!
Save another drunken bum!
Sing hallelujah, sing hallelujah,
Put a nickel on the drum and you'll be saved!

I am h-a-p-p-y to be f-r-e-e
F-r-e-e, for I'm s-a-v-e-d!
S-a-v-e-d, from the bonds of s-i-n!
Glory, glory, hallelujah, hip, hooray, Amen!

Sing hallelujah, sing hallelujah,
Put a nickel on the drum!
Save another drunken bum!
Sing hallelujah, sing hallelujah,
Put a nickel on the drum and you'll be saved!