There's a bit of background information with that YouTube video that Nutty linked to:

The Bucket of Water song from TISWAS. A popular UK Saturday morning television program of the late 1970s and early 1980s. TISWAS is an acronym of Today Is Saturday Watch And Smile.

I hear the last line of the chorus a bit differently on the video:

This is the song we lovers of water sing,
We can't go wrong we're happy as a king,
We beat the drum as we march along,
We crash the cymbal and bang the gong,
We sing our song, The Bucket of Water Song

Otherwise, I'd agree with the lyrics Sugarfoot Jack posted.
-Joe-