IMO, the best way to perform that song is as a send-up of some sort. Eddie Izzard has a fun bit in Dressed to Kill where he discusses the "5 Gold Rings" bit in the song. (Must admit, that's my favorite bit, too.) But of all the send-ups, my favorite version is by Straight No Chaser, an a capella men's group.
If you enjoyed this, too, I highly recommend their "Christmas Can Can" as well.
(Today was Baking Day 2011 and we've been working hard all day. And we still have stuff to do. Yay for Baking Day!)