There's a hole in the bottom of the sea
SOGL, 103 94 93 bytes

Ψ ~Δ№Q‘η¦»vζh‛←&amp;M⁶╥7[P≈╔6≡⁸(φΔ\⅔Σ‚&gt;≡ā⁷⁽○¹‘Ξ⁵K4s³‘⁽Bθ2n{@∑" the ”+Κ:bΚē‽:C}TPb"n@²‘+Tō, upcPøP


Try it here!

...‘                 push "bottom of the sea" - kept for the loop, here for 
    ...‘             push "hole in log in bump on frog on wart on hair on fly on flea on smile on"
        ...‘         push "there's a "
            ⁽        uppercase the 1st letter of that
             B       save "There's a " in B
              θ      split the long data string on spaces
               2n    split in arrays of length 2

{                     for each of those:
 @∑                   join the current array with spaces - e.g. "hole in"
   " the ”+           append " the " to it
           Κ          prepend that to "bottom of the sea" (or whatever it is now)
            :         create a copy
             bΚ       prepend B to it - finishes current line
               ē‽:C}  if (E++), save a copy of that in C (for the last line)

TP                   print the current line twice
  b"...‘+            B + "hole" - "There's a hole"
         T           output that, keeping item
          ō,         output ", "
             up      print the kept item lowercased
               cP    print the contents of C
                 øP  print an empty line