It always sounded to me like

And when her name is mentioned
The *pants* of every gentleman
Do stand up at attention

and

Oh, nothing can delight so
As does the *path* that lies between
Her left toe
And her right toe

Granted, Giovanni was American, but 'Pud' isn't really part of British vernacular for the penis (although I believe I may have heard 'puds' (plural) used to refer to the testes).