The song definitely has something to do with the ritual although it's very hard to figure out unless you are an LXA! One of my friends is a Lambda Chi and has hinted to me that the ritual is connected to that song, and that his brothers made the pledges try to guess every day at the ritual up until initiation.
Anyway he said ritual was very cool and the song made sense once he went through it but told me I would never guess in a million years what it was and he was never going to tell me. That's fine for me!
He once told me that the writers of the song in question did get kicked out by nationals after penning those lyrics.