And some more verses, because you can never have too many for a drinking song. Courtesy of the MIT Songs section of How to GaMIT, in defiance of the MIT administration. Also, if you're looking for the tune to this wonderful MIT song, try finding a CD by the MIT Chorallaries or attend one of their a capella concerts. Although this is a commonly known song, they're one of the few musical groups willing to sing it in public.

My father was a miner from the Northern Malamute,
My mother was a mistress in a house of ill repute.
The last time that I saw them, these words rang in my ears,
The Army and the Navy went out to have some fun.
They went down to the taverns where the fiery liquors run.
But all they found were empties, for the engineers had come,
And traded all their instruments for gallon kegs of rum.
Rapunzel let her hair down for two suitors down below,
So one of them could grab a hold and give the old heave-ho.
The Prince began to climb at once, but soon came out the worst,
For the Engineer rode the elevator and reached Rapunzel first.
Caesar set out for Egypt at the age of fifty three,
But Cleopatra's blood was warm, her heart was young and free.
And every night when Julius said goodnight at three o'clock,
There was a Roman engineer waiting just around the block!
An engineer once staggered in though the Roderick Gate,
He was carrying a load you would expect to ship by freight.
The only thing that kept him upright and on his course,
Were the boundary conditions and the coriolis force.
Ace Towing roams the streets of Cambridge each and every night,
They tow cars and stow cars and hide them out of sight;
They tried to tow Godiva's horse, the Engineers said "Hey!"
Then towed away their towing truck, and now the Ace must pay!
Sir Francis Drake and all his ships set out for Calais Bay.
They'd heard the Spanish rum fleet was headed on their way.
But the engineers had beat them by a night and a half a day
And though as drunk as ptarmigans, you still could hear them say:
My father peddles opium, my mother's on the dole.
My sister used to walk the streets, but now she's on parole.
My brother runs a restaurant with a bedroom in the rear.
But they don't even speak to me 'cause I'm an engineer.

...and some more verses courtesy of the Chorallaries...

An MIT computer nerd got drunk one fateful night
He opened up the console and smashed everything in sight
When they finally subdued him, the judge he stood before,
Said, "Lock him up for twenty years, he's rotten to the core!"
A man sat in a tavern with a lovely Cambridge lass
And stared when for the nineteenth time she raised and drained her glass
he said "You've out drunk four strong men, and half the bar, my dear."
but the maiden smiled demurely and said "I'm an engineer."
A Harvard lad in robes was clad and set to graduate.
A pompous gleaming spectacle he was upon that date.
But not a quarter hour after he got his degree,
he was serving fries to engineers from good old MIT!
The firehose by day and forty beers by night,
An engineer may never sleep and still be just as bright.
And should you ever ask him how he keeps up his routine,
he'll raise his trusty can of JOLT, smile and say "caffeine"