John U. Bacon wrote a somewhat interesting article on Michigan Football traditions in the Fall 2009 issue of LSA Magazine-- worth a read. Sorry- don't know if it's available online.
Two items I found of interest:
"Clemson players touch Howard's Rock before games, Oklahoma's mascot rides the Sooner Schooner after touchdowns, and Ohio State fans sing "Hang on Snoopy" at the slightest provocation-never bothered by the fact that they've got the name wrong."
"One overlooked aspect of "The Victors" separates it from all others: While other schools' songs urge their teams to make a great effort in the hopes of winning, "The Victors" celebrates a crucial contest already won....The first Michigan tradition was confidence. Hail, Hail."
Hail, indeed. Go Blue