I think I have heard this sing once or twice. Does it have an "Eye-de-diddle-de-eye-dee-dum" refrain?
If so, it is a very lighthearted (almost nonsene) song.
I don't remember all the words, but it tells of a man who wins a coconut at a fair, & puts it in a drawer. The hair begins to fall from the coconut. His friend suggests a remedy for this: "Put TCP on your coconut". I dont remember much more about it I'm afraid. The parallel between the coconut & a man going bald is fairly clear, if I remember correctly.

BTW TCP is an antiseptic, the sort of thing you'd put on a cut to prevent infection. Sorry I can't help further;
Eddie.