I searched for this song on YouTube and found to my surprise that there are quite a few versions.

I listened to Michael O'Domnaill (sp) sing it, and I've got to say that I doubt very much that it is a tale of a clever girl outwitting a fiddler. It's much too soulful.

Perhaps two songs have been conflated here.

The tune he sings is lovely. I'm going to try it on my flute.