I also found a great video about using this in the classroom and a page with links to information on the various events and people mentioned in the song. :
Another great part of this is linking music to learning. Anyone who sang their ABCs knows that music helps with learning. I think this also opens the door to so many interesting things that our students have no clue about but it helps to introduce the lesson.
Each student can do an individual project by studying one event or person mentioned in the song and then presents this information to the class. Or you could look at each one as a class lesson.
Lessons can turn into English, Geography, History, Science, Art, or Music lesson. I love how this can be used across the curriculum. This also would be appropriate for students of different abilities and strengths.