TenTex,
Way back when, there was a thing called the South West Conference. The member schools were Arkansas, Texas, Texas A&M, TCU, Rice, Baylor, SMU, Houston, and Texas Tech.
When I was a kid, the Aggies played Rice every year, hence the popularity of that old cheer. And seriously, I always liked it.
For those who wonder why the Aggies always say "Gig 'em", that was for another SWC rival, the TCU "Horned Frogs", as in "gig the frogs".
Memories from a less complicated time.

ldskule:
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