>>11574173March No. 1 in D of the Pomp and Circumstances Marches was partially written as the coronation song for Prince Edward of England. It only became the "graduation song" when the composer, Edward Elgar, was award an honorary doctorate by Yale. It then became a tradition at Yale to preform the trios section of the song at graduation ceremonies and from there it spread throughout the rest of the American university system.
Randy's usage was meant to invoke the jingoistic martial aspects of the song instead of the connotations associated with collegiate tradition.
Here is the full song with lyrics.
https://www.youtube.com/watch?v=oQ_XDXDk96QOOOOOOH YEEEEEEEEEEEEAH