I learned this in summer camp at a day school in Jacksonville FL sometime around 1990.

Down by the bank where the hanky pank
where the bullfrog jumped from bank to bank
saying ees ice ose oos
esta billy bing bong
your daddy smells like King Kong.

I always wondered what all that nonsensical stuff was in the middle, but never thought that it might have been a degradation of someone elses words. I just thought it was nonsense.

We played the circle elimimenation game, but when you said "Kong" the final slapper had to essentially fake out the slappee, because the way we played, if the slapper hit the NEXT persons hand because you moved yours in time, the KONG stayed "in" and the song started over.

Made for loooooong days.