Oops! Gen. Jack D. Ripper informs me that this is not the USAF "hymn" at all; it is the USAF "song." The USAF hymn is lugubrious and surprisingly not bloodthirsty -- a rare display of restraint on the part of the US military.
Actually the selection from the USAF songbook I remember best is this chipper ditty that the Air Force featured in its TV recruiting ads years ago:
Air Force Blue
Take the blue from the skies And a pretty girl's eyes And a touch of Old Glory too, And give it to the men who proudly wear The U.S. Air Force Blue. We know where we're going, we've set our course The sky's the limit in the Air Force!
Carl