I'd heard of the phrase "Rammer Jammer Yellow Hammer" before (I think in reference to the book), but I'd actually never heard this cheer before now. That's actually pretty awesome.
Usually they yell, hey (insert team mascot).
When they play Auburn they yell, hey Auburn because of the hate they have for Auburn. You can search youtube for more Rammer Jammer videos. The one of Tebow is pretty good.
My cousin goes to Bama, so I've been getting the Rammer Jammer treatment from her for the past week. Rumor is that Bama stole that cheer from Ole Miss and changed the words from Hotty Toddy to Rammer Jammer. The Yellowhammer is the state bird of Alabama. If Bama wins, they always do this cheer, regardless of the margin of victory.
An interesting thing is that some of their SEC rivals use it against Bama when they beat them. Auburn for sure, and I believe that LSU does as well. They change to words to say "Hey Alabama, we just beat the hell out of you. Rammer Jammer Yellowhammer, go to hell Alabama!" I'd love to see the LHB and Texas fans do that after we win.