Sorry, not familiar with the song to which you refer. It seems that nowadays any comment, book, song, movie, etc. can be interpreted in a way that offends someone. While I can see how something that specifically mentions a certain culture or ethnic group is more easily interpreted in that way, the fact that it mentions people from said culture in some way that is not exactly complimentary, it's not necessarily racist, either.
I can certainly see how one can become very sensitive to negative publicity regarding an ethnic group. With the great diversity of cultures with which we all come into contact, there's certainly some degree of clash, and there have been racist people forever. It seems that every culture is hated and ridiculed by someone. So it's very easy for us to become sensitized to racism.
But I honestly don't think that this particular song carries a racist message, and I'm truly sorry if that offends anyone. I would be the last person to ever intentionally convey a racist attitude against any culture.
Again, I sincerely apologize if I've offended anyone, but I'm very familiar with this song and with the reception it recieves with audiences, and I don't feel that any racist intentions or feelings are felt either by the Blarney Brothers when they perform the tune, or by the audiences that hear it.