Old Mother Hutty had a cutty putty hunt.
Not a hunt punt cutty,
But a cutty putty hunt.
If you trust Urban Dictionary (ha HA!), "cutty" means something synonymous with the dirty word.
I've found other versions, usually involving boats:
Old Mr. Hunt
had a cuddy punt
Not a cuddy punt
but a hunt punt cuddy.
But I like my Dad's version. He said it sorta like this:
And my brother did it this way:
Which is the point: get drunk and say this as fast as you can until someone accidentally says c***, then laugh and drink some more.
But something I noticed recently is that this sounds a lot like a snare drum marching cadence (audio here):