At NBTHS, nothing goes to an extent as far as the example you mention. We usually have a pep rally at the start of each sports season – the entire student body is crammed into the gym, the band plays, the teams are introduced, the cheerleaders perfrom a routine, etc. However, the games are not shown on T.V, or anything really “over the top” happens. But there is a spirit amongst the students who participate in the sports. Members of the football team, for example, wear dress shirts and ties the day before the game, and their jerseys the day of the game, while the cheerleaders wear their uniforms in school the day of the game. There are rivalries amongst the local teams, North vs. South, and such, but nothing really gets too far out of hand.
This past year, my computers teacher was from Texas, and the day after our first pep rally, she was really shocked at how “lame” it was compared to the ones that she was used to attending at her old high school in Texas where the team would run through the banner, etc. [Like your description.]
I guess it all depends on how the sport is looked upon in the area, how important the school views it as and how successful the team is. But then again, our football team isn't too good, and the Robotics team is the most successful team to grace our school.
Go figure.