Boney M has made this psalm famous, so many people know the title "By the Rivers of Babylon," even if they don't realize that it's a lyric taken from Psalm 137.
I've tried to do what I always do; to faithfully stick to the original words of the ancient Psalm, even if the words seem awkward to sing, violent, "unchristian," or generally inappropriate. I think it's more important to stick to the original intent of the lyricist / psalmist, and try to understand where they were coming from than it is to be politically correct and lose the original intent.
These words mean a lot to me because I'm a musician, and I've found myself in a type of captivity or exile.
A few years ago I decided to try to put the Psalms to a contemporary melody, as much as possible following the liturgical calendar; writing one Psalm a week.
Some of my aims were to not trim awkward and weird things out of the Psalms, to do the entire Psalm (this agenda developed later), to make them singable for a congregation, and even catchy if possible.