It certainly was an interesting movie; the film you sampled was Tim Burton's career-making horror-comedy, "Beetlejuice."
And you're almost there with the song in question, though you're stepping on the toes of some film-nerd controversy.
While "The Banana Boat Song" does appear in the film, it happens earlier than the scene you describe. The scene in which Lydia Deetz (a career-making turn as well for then-16-year-old Winona Ryder) is floating near the ceiling and dancing, with a team of deceased football players backing her up on the staircase, takes place near the end of the film, and is done to the soundtrack of Harry Belafonte's "Jump in the Line (Shake, Shake Senora)."
The song is indeed a well-known track by calypso legend Belafonte, but it is nowhere near as popular as his signature track, "The Banana Boat Song."
That song appears earlier in the film, when Lydia's family and their guests are having dinner and unexpectedly (to them as well as the audience) begin dancing to it.
People often get these confused, including many avowed Burton fans (a rabid lot for the most part, thanks to his offbeat, cult-friendly film style), because the dinner scene is for various reasons more memorable. This is largely thanks to the fact that it appeared in the original trailer for the film -- a fact which put it squarely in the minds of fans while the film was in theatres back in 1988, and again years later when it was released on DVD and Burtonheads obsessively watched every special feature on the disc.
The film is indeed now considered a classic of the era, and an example of oddball Burton at his best. His first feature, 1985's "Pee Wee's Big Adventure," certainly established him as a fan of weirdness, but "Beetlejuice" established Burton's flare for making light of the macabre, which he would carry through pretty much the rest of his catalogue.