I was taught that it was "I like to 'ticipate in my own way." This is how I was taught at GS camp in the 1970s and also how it is written in my aunt's song book (she was a GS camp counselor in Germany for American military kids in the late 60's or early 70s). To me, the word "dissipate" makes no sense within the context of the song. However, "'ticipate" as slang for "participate" does make sense and easily could have been misheard through our oral tradition and thought to be "dissipate." As a kid, I never understood what "'ticipate" meant. Looking at my aunt's song book, it's pretty clear though that it was a shortened "participate".