Well, there's a thread here where someone was looking for the song that had a line about "never trust a sailor an inch above your knee."   I guess the origins of that line in folk song go way back, but it's also been incorporated into at least one frat song:

Come all you fair young college girls and listen to my plea:
Never trust a Sigma Nu an inch above your knee.
He'll hug you and he'll kiss you and he'll tell you he'll be true.
The son of a gun, he'll leave you with the son of a Sigma Nu!

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And some military songs have also been adapted by fraternities, e.g.:

Oh, it's beer, beer, beer, that makes you wanta cheer,
In the halls, in the halls,
Oh, it's beer, beer, beer, that makes you wanta cheer,
In the halls of Sigma Alpha Epsilon.

And many other verses, including my fave:

Oh, it's hot roast duck that makes you want a sandwich,
In the halls, in the halls, ...

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The Phi Gamma Delta fraternity -- the "Fiji's -- at my alma mater also borrowed an old war song (from WWI or WWII):

Around her neck, she wore a yellow ribbon,
She wore it in the springtime and in the month of May,
And when they asked her why the heck she wore it,
She wore it for her Fiji who was far, far away.

As I recall, the last verse was something like:

Around the block, she pushed a baby carriage
She pushed it in the springtime and in the month of May
And when they asked her where the heck she got it,
She got it from her Fiji who was far, far away.

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Sororities have been known to taunt each other in song, too. E.g.,

PBP, PBP,
Spell it backwards: PBP.
KKG, KKG,
Spell it backwards: Guck!

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On the more refined side, far from a "chant," we have classics such as "The Sweetheart Of Sigma Chi."