I just wanted to pop in and say that I understand how people could get offended in the joke; it certainly does (at the very least) bound a fine line. Although I disagree with some of the arguments (that it's a chant against a religion, mostly. In my view it's a chant against people and their actions), I can see that it's a very, very sensitive subject. Perhaps it is time to retire that chant. I also want to apologize if anyone was offended by this discussion, for which I am very much responsible. It's not exactly a good topic for the hockey thread.
If you'll allow me to touch on one other point, re: Holocaust (I'm Jewish). It's a false equivalency, AdamBC, because the Jews were the victims (I previously said that, as is, the object and subject of the chant in question can be confused), it wouldn't be kosher (no pun intended). However, if you were to joke about it to German people, as the Brits did circa 1966, I think it would be funnier and more appropriate.