J.T., if you want the lyrics you'll find them here.
Any history of a student drinking song? Are you sure you'd like to know that? I can't help you with that. However, a very long shot: Krambambuli is not only a title of a drinking song, but also the title of the most wonderful prose story of a dog I have ever read (a dog torn between two masters, a poacher and a forester; both meet in a shootout and the dog finally decides he belongs to the poacher, jumps to him and fatefully helps the forester by this decision to win the shootout. The dog dies for being unfaithful to the forester). That's a story worth looking for the history of it. Written by Marie von Ebner-Eschenbach and the whole story (in German) is here..

Wolfgang