spoken: 

Okay, all you cats 'n kiddies, it's time for a little addition! Can you dig it?! Here we go! Now ... 

sung: 

Adding is putting together, hmmm 
Adding is just what you do 
If I have one cookie and you have one cookie 
Together they add up to two 
One cookie and one cookie makes two cookies 
One and one is two 
That's two, whoo! 

Yeah, outta sight! 

Adding is putting together, hmmm 
And I'm sure you will agree, yeah 
If you have two cookies and I have one cookie 
Together they add up to three 
Two cookies and one cookie make three cookies 
Two and one is three, oh! 

Dig it! Hmm-hmm 

Adding is putting together, hmmm 
Adding is making it more 
If you have three cookies, add one more cookie 
This time the answer is four 
Three cookies and one cookie make four cookies 
Three and one is four, whoo! 

Cookie Monster: Hey, cookies! Hey, what you doing? 

Hippie: Singing about addition. 

Cookie Monster: Why you not sing about subtraction? 

Hippie: Subtraction? 

Cookie Monster: Yeah, sure. I'll show you. 

Subtracting is taking away from, hohooh 
Subtraction is my kind of fun (now listen, see) 
When you have four cookies and I see four cookies 
I subtract them and leave you with none (haha, now see this) 
Four cookies minus four cookies is no cookies, ha 
And now my song is done 

And so are the cookies! (sounds of Cookie Monster eating) 

Both: Oh yeah!!!! 

Hippie: Outta sight! 

Cookie Monster: Yeah!