I remember this as well - here's what I remember
Old King Cole was a merry and soul And a merry old soul was he He called for pipe and he called for his bowl And the movie was rated a G
A fiddler guy came fiddling by And a fiddler fed was he He spotted King Cole putting Grass in his bowl And the movie became a PG
Then into the palace Waltzed 6 girls named Alice Who once titillated the Czar They danced in the nude One was nicely tatooed And the movie slid down to an R
King Cole collapsed In their lecherous traps For a week of lucivious sex He taunted the Alices Til phallic parallysis Wiped him out Now this flick's rated X