Nobody seems to know what "Boola boola" really means. Even the composer, Allan Hirsch, said it was a "silly song".  But the music made it fly. Even Oklahoma pirated it for their fight song, called their version "Sooner Boomer".

If you listen to the song, you cannot understand the words, except for, "Boola boola".

Here's the lyrics, from the internet:

Boola boola, boola boola
Boola boola, boola boola
When we rough house poor old hahvahd  [Harvard?]
They will holler, “Boola boo”
Oh Yale, Eli Yale!  Oh Yale, Eli Yale!
Oh Yale, Eli Yale!  Oh Yale, Eli Yale!

I thought if Oklahoma University could steal this song, so could I. Here's my version:

Boola, boola! Boola, boola!

I'll strip to the skin and give your eyes a treat!

 Six-pack abdomen, quads that can't be beat!

 Energy an fire, I'm never going to tire!

I'm just what your heart desires.

 Flexible, strong and tight, ready to you excite!

Boola,boola! Boola boola!