All the girls in Spain
Wash their knickers in champagne (or: Throw their knickers down the drain)
All the boys in France
Do the hula-hula dance

(ed: I'm sure I remember this being far longer - suggestions please?)

I love working on this site, you ask a question and within days up pops an answer - this from Becky:

The full version of the 'All the girls in Spain' was a clapping song and went as follows:

All the girls in Spain wash their knickers in champagne,
All the boys in France do the hula-hula dance'
And the dance they do is enough to kill a Jew,
And the Jew they kill is enough to take a pill,
And the pill they take is enough to fry a snake,
And the snake they fry is enough to tell a lie,
And the lie they tell is enough to ring a bell,
And the bell they ring goes DING-A-LING -A-LING!!

(on this last line you would tickle/pinch/attack the person you were doing the clap with.)

The much less offensive (and shorter) version that kids now sing goes like this:

All the girls in Spain wash their knickers in champagne,
All the boys in France do the hula-hula dance'
And the dance they do is enough to tie a shoe,
And the shoe they tie is enough to tell a lie,
And the lie they tell is enough to ring a bell,
And the bell they ring goes DING-A-LING -A-LING!!

(ed: thanks Becky - I'm impressed!)