Written By: Isaac Watts (1674–1748)
Performed here by: Wayfarer
I discovered this version thanks to this blog: http://thegoodchristianmusicblog.com/

Other neat versions of the song have been done by Sojourn, Red Mountain Church, and Koine Music, and you should seriously check out all those links.

The lyrics in full are below, and you should read them!

Alas! And Did My Savior Bleed

Alas! and did my Savior bleed
And did my Sovereign die?
Would He devote that sacred head
For such a worm as I?

At the cross, at the cross where I first saw the light,
And the burden of my heart rolled away,
It was there by faith I received my sight,
And now I am happy all the day!

Thy body slain, sweet Jesus, Thine—
And bathed in its own blood—
While the firm mark of wrath divine,
His Soul in anguish stood.

Was it for crimes that I had done
He groaned upon the tree?
Amazing pity! grace unknown!
And love beyond degree!

Well might the sun in darkness hide
And shut his glories in,
When Christ, the mighty Maker died,
For man the creature’s sin.

Thus might I hide my blushing face
While His dear cross appears,
Dissolve my heart in thankfulness,
And melt my eyes to tears.

But drops of grief can ne’er repay
The debt of love I owe:
Here, Lord, I give my self away
’Tis all that I can do.