Almost all of the lyrics of "Finders Keepers" are from children's games and rhymes, so presumably this is a line from one of them, though it is unfamiliar to me, and I agree, the meaning seems to be that, since sneakers are quiet, you won't wake the sleeper (say, if you're trying to "sneak" out at night--thus the name of the footware). Now, as for passing the pie around at the spin-dry and whatnot, your guess is as good as mine.
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