From what I remember, it goes something like this:
1.2.3. You put your left arm in
Your left arm out
In, out, in, out
You shake it all about
You do the hokey cokey
And you turn around
That's what it's all about
Woah-oh, the hokey cokey
Woah-oh, the hokey cokey
Woah-oh, the hokey cokey
Knees bent, arms stretched
Ra, ra, ra