Blackcatter - my recollection was that the song is said to be a coded lament for a dead (Nationalist) hero, Robert Emmet I think.

I haven't checked but probably Dónal's version is fairly similar to the one in the DT.
Clancy's didn't sing "And pisspot or po, may he never have one," as far as I remember! That's a bit "less printable"

also I recall different names from Clancy & Makem, instead of Is that Peter Hughes, and blind Peter McCabe,
And big nosed Bob Manson, and buck-toothed Ned Hanson
-
old Peter Hughes and young Anthony Blake,
Also Johnny Squires and Corny Maguire,
They each have a grandson of my darling drake.

I came across some other verses in print not long ago, but don't recall where and I don't think it was a "less printable" version ... I'll keep this thread in mind and may find them again.