It's played ever so often at bball games but it is not in the standard Showmen playlist usually. Instead they do a variation on a theme before Oklahoma is played:
Da da da da da. O! U! (Played twice, then up a half step)
I remember when Willie Wildcat would do something like a strip-tease at the KSU games at Ahearn back in my days as an OU student. I went to games there in 1978 and '80. We got stuck sitting next to a KSU prof at the game in '80, and he was offended at the notion that a "football school" would dare challenge KSU hoops. Never mind that we won there in '79, won again in '80 and lost in OT in the game we saw in '78.
In the early days of internet message boards / chat rooms, my brother would tell me about a KSU football fan who talked basketball smack and said that OU would never in a million years catch K-State in the all-time basketball head-to-head series. At that time, OU led the series by 6-7 games. :woot