Yes ! This is obviously a day for reminiscing (see TV series thread). This game is still being played. The rhyme I remember and also currently chanted in the Essex area is: "England - Ireland - Scotland - Wales; Outside - Inside - ON !" You have to loop the elastic around your ankles and cross right foot over left, then left foot over right, then release the elastic and jump outside the lines, then inside the lines, then on top of them.

A good book with all kinds of playground games, rhymes etc. is by a couple named Opie.