That last verse and chorus of mine wasn't quite right - here's a reworked version:

And the record is broken, we have beaten them all,
When our country called out, we have answered the call,
And the shame of Old England on that far football pitch,
Has been won back in Essex, with not even a stitch,
With not even a stitch, by that Essex seaside,
They watched us flash by, and their eyes opened wide,
Oh Fabio Capello, we'll give you a tip -
If we're ever to win, England needs this new strip.

On the pitch, in the pub, on the Telly, we say,
Let's see England walk out with our boys on display,
All naked and proud - see those other teams pale.
Come the day that we dare, that's the day we'll not fail.

As for a tune, a modified version of Villikens/Rosin the Beau would do. (And maybe "Sat flank to flank in verse two" rather than "sat bum to bum". A bit decorous sometimes is a bit funnier I think.)

More songs - we're on a roll!