I
THINK it's already "taken." To the extent that matters. I found this video of PSU doing it. Not sure if that's who I was thinking of though.
That's a quality song though for the purpose.
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I've almost given up on the search though. It looks like they've settled on "We Will Rock You." I appreciate the pun, the ease, and how well known it is. But it screams elementary school basketball to me. And very dated as far when it was something that was played a lot at stadiums. Similarly, they've been playing "Rock And Roll Part II," I guess someone got their hands on an old Jock Jams CD.
They play at the end of wins, but at this point, I'd be open to "All I do is Win" by DJ Khaled playing between the 3rd & 4th. At least it's a nod to CCC, has a hand motion everyone (particularly the students) can do, has a catchy beat. Not my favorite/preferred song by any stretch, but it's something I guess.
Back to your suggestion though, I like where your heads at. It doesn't HAVE to be hip-hop or rock or even something remotely new. OSU does "Hang on Sloopy," your suggestion, "Dixieland Delight" at Bama. It just has to be something that is fun to sing a long to.