if my sister and i haven't seen this movie a million plus times, and inceasantly checked out the musical clips on you tube i'd be surprised
you're correct it is "now i'm as crazy as a loon"
and this line needs a little editing too:
Grab yer partners by the ears,
Lash 'em to the wheel.
Docy does step on their toes,
Listen to them squeal!
Hold them left, hold them right,
It's time to sail our sea.
Swing yer partner over the side
And drop 'im in the drink!

it's "alaman left, alaman right" (a common dance move in country line dancing, haha learned that in middle school p.e.)
it's time to sail OR SINK (which rhymes with drink?)

anyways just thought i'd give you a friendly correction