Steve over at The Sneeze has been collecting obnoxious playground rhymes from all over the world. I suspect that a lot of them are probably quite pedestrian when chanted in their native tongue, but when translated, they become surreal little gems of childish doggerel. The Tanuki rhyme from Japan seems particularly hilarious to my Western sensibilities:

The Rac- Rac- Raccoon's testicles are
Despite there being no wind blowing,
Swaying, swaying, swaying.

I'm not sure if anyone will be able to top that for sheer perversity, although these rhymes from New Zealand have a certain violent, beery charm.