This song was the inspiration to one of my first ghost stories, penned at around age 7. I don't recall what the story was about, but I do remember that it had drawings done in crayon and watercolour which was perfect for a little white ghost floating about from page to page with a rainy blue background.
Did any of you used to create little picture books made from sheets of paper, split into fours and then stapled/tied together? It was a favourite childhood project of mine, much more entertaining than gluing macaroni to paper plates... although I was quite the macaroni master, too. :P