It's in the Digital Tradition as Done Laid Around, with tune. It's unattributed in the DT - is Clayton responsible for the original version of the song, or is it traditional? This post (click) seems to indicate it's not, but that Clayton discovered or collected it.
Gene posted another version of the lyrics here (click).
In this thread, Chicken Charlie speaks of a parody called "Laid Around and Played Around, Viet Nam Too Long." Gee, I'd like to see those lyrics.

-Joe Offer-