okay, so i skipped some parts b/c this is a long thread but

CHECK THIS OUT it EXPLAINS EVERYTHING!
http://en.wikipedia.org/wiki/Iko_Iko

the famous version of the song is the one by Dr. John- in this video Dr. John "conjugates" IKO IKO (also, check out the video response video of just him playing the piano) you've got to hear this guy talk!
http://www.youtube.com/watch?v=vx1KhaEc_8I&feature=video_response

I'm from near New Orleans and grew up hearing this song as a traditional Mardi Gras theme.