Found it (track #20 on this album): www.amazon.com/Mother-All...0826#disc_1

I also found an intriguing description of the album, which makes me think there may be other worthwhile songs on it as well:

The Mother of All Flagpole Christmas Albums, various artists (OrtTone)

A 1993 compilation of songs from three years of the annual Christmas album organized by Flagpole magazine of Athens, Ga. to benefit that city's charities, this one represents good value for money. Better-known artists like Flat Duo Jets, Vic Chestnutt, Michelle Malone and Kevn Kinney mix with local Athens bands to perform originals and some smart covers. Allgood gets points for the first cover of Spinal Tap's "Christmas With the Devil," a fairly faithful one, too. Labrea Stompers take on "You're a Mean One, Mr. Grinch" with a bizarre pair of pre-songs in front of it, and Seersucker tries JB's "Santa Claus Go Straight to the Ghetto," a little less tunefully, but the jagged guitars are a nice touch. Michelle Malone does a serviceable "Santa Baby," though the original is still the greatest. But give this bunch credit for writing 15 of the 22 songs on this CD, with titles like "Christmas in August" and "Just Think About Christmas (And Sing What You Want)." There's also a case of dueling Tom Waits impressions by the Opal Foxx Quartet and Porn Orchard, although the former probably was unintentional. Hanukkah alert: Hetch Hetchy's "Candles and Miracles." This one's probably not easy to find unless you live in Athens.

(From: www.mistletunes.com/compchar.html)