This can be a funny skit if two people have the courage to sing it in front of a group. Singing like an old man and woman is even funnier, with the woman getting more frustrated.
(Two parts - Henry and Liza)
There's a hole in my bucket, dear Liza, dear Liza, There's a hole in my bucket, dear Liza, a hole.
Well fix it, dear Henry, dear Henry, dear Henry, Well fix it, dear Henry, well fix it.
With what shall fix it, ... With straw, ...
The straw is too long, ... Well cut it, ...
With what shall I cut it, ... With an axe, ...
The axe is too dull, ... Then sharpen it, ...
With what shall I sharpen it, ... With a stone, ...