There's a hole

Does anyone know the song there's a hole in the bottom of the sea? We've sung it in my family for as long as I can remember. It starts with:

There's a hole in the bottom of the sea. There's a hole in the bottom of the sea. There's a hole, There's a hole, There's a hole in the bottom of the sea.

There's a log in the hole in the bottom of the sea... and so on until you get to There's a germ on the flea on the hair on the wart on the frog on the knot on the log in the hole in the bottom of the sea.

I sang that song for Jon and he'd never heard of it. After I sang the whole thing he turns to me and says "That's just unrealistic. That poor little frog can't live at the bottom of the sea. His little face would cave in."