That song is about how frogs don't have ears or a tail. Ooo-wacaca, indeed. There's another traditional ditty that roughly translated means you're a momma's boy and I'm a momma's boy and everybody is a momma's boy. Sometimes telling the truth is funny enough.
If you need an excuse for binge drinking this weekend, go ahead and celebrate the longest day of the year under the guise of celebrating Swedish culture.