By ยืนยง โอภากุล Yuenyong Opakul aka แอ๊ด คาราบาว Aed Carabao
Album: กำลังใจคาราบาว Gamlang Jai Carabao (Carabao Strength of Spirit/Moral Support)
This album is amazing. BUY IT HERE at eThaiCD.com, where you can shop in English.
English translation of lyrics (เนื้อเพลงแปลเป็นภาษาอังกฤษ):

Note: English translation by Ann (and thanks, Sunny!). This one is less famous because it is more recent, but it is amazing. Sorry no Thai words because we did it by listening rather than starting from written lyrics.

The winner gets the prize
The loser gets the disappointment
An easy matter that everyone understands
So how come [I] still have to endure sitting on the bench?

Losing may do bad things to people,
but one day it will pass
Let the time heal the wound
The rest of life is the prize

The prize of the loser
is the breath you still have left
The prize of the loser
is experience [you can] use to redeem yourself

The prize of the loser
is endurance, is strength of heart
The prize of the loser
is to win the next time

This world still has enough
For each person to eat and share around
But not enough to put out [the fire of] one lone person
who wants insult and do something bad to society

Do whatever thing, [one] naturally receives that thing, *
even if yesterday we have the status of the loser
Failure attacks when the victory is big
[Who] has a mind, a life, still has a prize

The prize of the loser
is the breath you still have left
The prize of the loser
is experience [you can] use to redeem yourself

The prize of the loser
is endurance and strength of heart
The prize of the loser
is winning the next time

*A Thai proverb meaning “What goes around, comes around”