It's more like "in-sert, na-ame, clap-clap, clap-clap-clap"...and yes, we can do better
Some suggestions:
How bout when Zoubek does something good, the Crazies hold up their Zs and chant "Zoooooooooou!" a la "Yooooooooooou!" from Soulja Boy. They can even crank dat Soulja Boy as they yell "Zoooooooooou!"
"Boom! Hendo (or Markie) shook the room!" after a Hendo (or Markie) dunk
"You down with GP3?" "Yeah, you know me!" (alternate between the grads and the u-grads like the "JJ Redick Dynomite" cheer)
"All hail the King" - Taylor King...you can even hold up masks of the Burger King guy, or Taylor's cutout with a crown on it...or just hold up Whoppers
"Kyle's sing-ing" - you can even actually sing this
"Scheyer's on Fire"
Some of these might be lame, but you can take them and run with them. But this was based on two minutes worth of thinking...the best cheers come up on the spot and become a major part of Devil-lore.