[Lyrics changed from Alley book to match soundtrack]
Gaylord: Only make believe I love you,
Only make believe that you love me.
Others find peace of mind in pretending.
Couldn’t you? Couldn’t I? Couldn’t we
Make believe our lips are blending
In a phantom kiss or two or three?
Might as well make believe I love you.
For to tell the truth, I do.

Magnolia:
The game of “just supposing”
Is the sweetest game I know.
Our dreams are more romantic than the world we see.
Gaylord:
And if the things we dream about don’t happen to be so,
That’s just an unimportant technicality.

Magnolia:
Though the cold and brutal fact is
You and I have never met,
We need not mind convention’s P’s and Q’s.
If we put our thoughts in practice
We can banish all regret
Imagining most anything we choose.

We could make believe I love you,
Only make believe that you love me.
Gaylord: Others find peace of mind in pretending.
Couldn’t you?
Magnolia: Couldn’t I?
Both: Couldn’t we
Gaylord: Make believe our lips are blending
In a phantom kiss or two or three?
Both: Might as well make believe I love you.
For to tell the truth, I do.