Just ran across this in an old "Sing Out" reprint. It is allegedly the alma mater of the National Embalming School, and is sung to the tune from "Oh Tannenbaum":

To thee we sing, to thee we drool
National Embalming School
We stuff the corpse, we stuff the ghoul
National Embalming School
If you feel hollow deep inside
We fill you with formaldehyde
Our boys get hot ere you get cold
National Embalming School