Version One:

This song is sung when, for example, during a meal at camp a
group of kids gets 
together and shouts "Bananas!" The councillors all stand up and
yell...

Did Somebody say bananas?
Bananas of the world unite!
Peel bananas, peel, peel bananas
Shake bananas, shake, shake bananas
Go bananas, go go bananas 
Peel, peel, peel peel peel
Peel, peel, peel peel peel
Go, bananas!! 
Bananas of the world unite!!

Actions: 

Unite: Clasp hands over head
Peel: Shake thumbs over back alternately
Shake: Do the twist 
Go: Bring arms over head alternately
Peel: make fist like muscle man, bring up and down every time
you say peel
Go bananas!!: Bring fist up into the air

Version Two:

Gonna pick bananas, pick pick bananas (pretend to pick bananas
from tall trees)
Gonna peel bananas, peel peel bananas (pretend to peel a banana)
Gonna smush bananas, smush smush bananas (clap hands)
Gonna eat bananas, eat eat bananas (move hands to mouth in an
eating motion)
Gonna GO BANANAS GO GO BANANAS
GONNA GO BANANAS GONNA GO GO BANANAS (sing loud, jump and 
dance around acting crazy)