Go Get the Axe

I heard this song on a Bugs Bunny episode, and had always assumed that it was one made up by the writers, as the lyrics were so screwy. It turns out that, no, it's a real song. One site lists is as a Scottish/Irish folk tune. The lyrics are easier to read here, but beware the automatic midi-play of the melody. There's no off-button on the site itself, but if you've got adblock, you can block the .mid file and make it go away. Anyway, I'm posting the full lyrics, just because of their sheer bizarreness.

Peepin' through the knot-hole
of grandpa's wooden leg,
Who'll wind the clock when I'm gone?
Go get the ax
There's a flea in Lizzie's ear,
For a boy's best friend is his mother. (cont. below)

Peepin' through the knot-hole
of grandpa's wooden leg,
Why do they build the shore so near the ocean?
Who cut the sleeves
Out of dear old daddy's vest,
And dug up Fido's bones to build the sewer?

A horsey stood around,
With his feet upon the ground,
Oh, who will wind the clock when I'm gone?
Go get the ax,
There's a fly on Lizzie's ear,
But a boy's best friend is his mother.

I fell from a window,
A second-story window,
I caught my eyebrow on the window-sill.
The cellar is behind the door,
Mary's room is behind the ax,
But a boy's best friend is his mother.

I wonder if the thing was supposed to be nonsense, or if there are actual meanings in it if you're familiar with the sayings and expressions of the time it was written.

ADDENDUM: After a bit of hunting (Wikipedia's ordered list was quite helpful), I finally found the cartoon where Bugs sings this. It's called Hare Trigger, and is also the very first cartoon to feature Yosemite Sam as we know him today, though there were prototypes in earlier cartoons. Once I knew the title, finding it at YouTube was easy. The song starts at about 1:05.