"The Eddystone Lighthouse is a lighthouse that is located on the dangerous Eddystone Rocks, 9 statute miles (14 km) south of Rame Head in Cornwall, England." Wikipedia

I wasn't familiar with the parodies, great crack.
I first heard this song on a record when I was about 10-11 years old. I think the singer was Ed McCurdy. I came to this discussion thread looking for information about the song's origins and there is some useful information in the later messages.