Here's the English they give -

It's across from England came the stampy
And it's down in Cork they enhanced it
Sugar they powdered and mixed in some brandy
And the man who'd eat that would prance like a stallion.

Curfá
Raithineach woman dear, woman dear, woman dear,
Raithineach woman dear and let's bake a cake
Raithineach woman dear, woman dear, woman dear,
Raithineach woman dear let's bake again.

A shilling a day for the cooks of the stampy
And five shillings more if they bake it amply
Some would squat on it and naughtily dampen it
And as far as that goes, they'd break it and champ it.

As I made my way north through upper Inish
Who should I meet but three old women
One of them kneeding and one was scraping
And one through the seat of her breeks, the makings was shaking.

Father Dermot, as doctor of divinity is champion
No better priest in this land e'er rambled
And he'd crave damnation on the scrapers of stampy
For fear the hag's fangs might make him scamper.

I asked my dear lass upon the steamer to clamber
To seek for a grater to scape the stampy
But the hatch was locked fast and Síle's key not handy
Now if breeding you fear, with scrampy don't tamper.

(and seemingly there's prostitution going on here as well)

I've just had an e-mail from Ronan Browne saying that Barra na hAoine refers to the Inny River near Kenmare which is where they found the song. I've looked for it - there's a Rinny River that flows into the sea just north of Waterville, but if Barra means the head of the river, there's no village there that I can see. On the web, they say it rises 18 km north-west of Inny Bridge on the main road between Waterville and Caherciveen.

I've finally managed to get onto the Mudcat site - a guest there - Aodán Mac Shéafraidh - is of the opinion that the word - raithineach - is a mispronunciation or a mispelling of - Rachainn leat (I would go with you).

er … I wouldn't take Yahoo Answers too seriously – especially if the answer comes from that girl with glasses who used to post answers a few years ago (jd maybe? I can't remember her name anymore). Her translations were usually pretty good, but her speculations about "meaning" tended to be kinda silly.

That's right:
staimpí = boxty

Well in fact, it was the same answer that is given on Mudcat and it included a link to there, so I think you could trust them this time round.

That would be my guess, there are a few townlands in Munster with that name and anybody from them would be known as a Ráithíneach. For example there was the poet Seán Ó Murchadha na Ráithíneach.

_________________
The dialect I use is Cork Irish.
Ar sgáth a chéile a mhairid na daoine, lag agus láidir, uasal is íseal

I've never heard of Mudcat before, but if they're a reliable source, I guess I should trust them – maybe.

Well, according to The Wee Falorie Man's Crackpot Theory of Song Analysis:
* The song means exactly what it says; there is no hidden sexual meaning.
* Raithineach is not a mispronunciation nor a mispelling of the word rachainn. Waterville is in County Kerry where (do) raghainn would be used.

That's what I think, anyway.

It was the first theory that came to mind and it makes the most sense, I think.