S.O.D. (Storm Troopers of Death) recorded as song titled "Freddy Krueger" on their 1985 "Speak English or Get Out" album. Below are the song and lyrics.

Lyrics:

His hand spells death
He breathes his vile breath
No way you can stop him once he's out
He hauts you sleep
In the tub he hides down deep
He rips your face and no one hears you shout

[CHORUS]
He's come for you, what will you do
He'll slash you and rip you and cut you in two

His teeth are black
Flex metal knuckles with a crack
Maggots crawling all throughout his skin
He'll get them all