Here are the lyrics (hopefully they're correct):

Once upon a time there was a school called Degrassi
And the children in attendance were all phat and sassy
Except one little boy and his name was Rick
People pushed him around until he turned into a prick
Took a gun, took a gun, took a very big gun to Degrassi to have himself a little bit of fun
And, bang, shot Jimmy and pointed it at Emma with Sean in the way
Oh what a big dilemma
But then Rick died and everything was fine
But then Ashley is kind of freakin’ out because Craig lost his mind
And proposed at party with his puppy dog eyes
Ashley refused and what a big surprise
When he cried like a baby and went back to the hotel
Fucked up the room and stuck Joey with the bill
And he went to a wedding and acted like a whore
He kicked Joey's ass and cried a little more
HEY!
Remember when Manny and J.T. were going out
J.T. was doing good and then he begin to doubt that his little stack of dimes couldn’t
Measure up to Craig’s when he saw it in the locker room between Craig’s legs
So in order to get him out of his romantic slump, some black kid gives him a magic penis pump
But Manny found out and to make matters worse it turned that Mr.Radtich used it first
Well Paige got raped, Marco is gay, Spinner gets boners and farts all day, Toby is a dork and Liberty is too, Snake got cancer up the wazoo, Sean’s on his own, Ellie likes to cut, Alex is a bitch, and Manny is slut
Emma’s kind of whinny, Terri got hit, and Hazel never seems to do jack shit
Degrassi is my favorite thing and when the theme song plays I always have to sing
I hope it never goes off the air
I’ll even miss Spinner’s hair.

http://www.youtube.com/watch?v=wIWmVnW_knQ