Staccia Minaccia can be found in print in the 1800's. The phrase "staccia minaccia" is used for the sound even though it literally means "sifted threat".
Babbo andato a caccia
a caccia del bubù*
Il bubù lo buttiamo giù?
Daddy's gone hunting,
Hunting the bogeyman.
Throw down the bogeyman?
*"Bubù" means something scary like the bogeyman or a scarecrow (the scary kind of scarecrow that can be found in stories).
This is a lap rhyme to play with a child on your lap facing you. On the last line the child goes back like they're falling (while you're holding them securely!).
There are many variations of this rhyme. You can share the version you know on Mama Lisa's World Blog and find other versions there as well.
Thanks and Acknowledgements
Many thanks to Sandra Gaudenzi and Emanuela Marsura for contributing this rhyme. Translated by Emanuela and Lisa.