i think they have no meaning
i know it's only a song for children, we have it in egypt called"hady bady"
a child begins singing it as if he is counting the children like 1 2 3, and so on till he/she reaches the last word . the boy who you touch when saying the last word will be the chosen one to close his/her eyes or cover his/her eyes with a band till the other children hide, then he/she tries to find them