This solo version by Christy Moore doesn't have the drama of the Pogues' version with Kirsty McColl, but it is at least true to the song's own narrative. The song within the song is sung, if you listen, by an old man in the drunk tank. It's not a duet.
I like the line, "Ye're an ould hoor on junk" rather than "ould slut" because it's more Irish to my ear. There was no fuss in 1996 about the "cheap lousy faggot" line. See here for story, and despair.