Just the other night I was trying to remember the lyrics to this song and I all that I could remember was the "glop, glop, glop". In doing my search, I came upon the name "Alice" and the rest of the song came back. It's amazing what we store in our long term memories! This is how I remember it:

Alice, where are you going?
Upstairs to take a bath.
Alice with legs like toothpicks
and a neck like a gir raffe, raffe, raffe, raffe, raffe, raffe, raffe, raffe.

Alice got in the bathtub.
Alice pulled out the plug.
Oh my goodness, oh my soul!
There goes Alice down the hole!
Alice, where are you going?
Glop, glop, glop.