After a couple of years of searching, I finally figured it out. (Thank you, Google. God only know why I didn’t think of it before.)
So there was this song that they played on the now-defunct Energy 92.7&5 in Chicago (which, remarkably, has the same format as the San Francisco Bay Area station The Party 92.7. I can’t seem to find an official website for it, though.) This was in, I think 2000 or maybe 2001, entitled “Sunchyme” by Dario G, which is a sample with the repeated lyrics of “Oh heyo, ma, ma, ma. Oh heyo, ma, ma, he-e-e-e-yo.”
Earlier this summer, I heard the original song from which this sample was culled, only I didn’t catch the lyrics, and was therefore unable to search Google for it.
But, at last. Dream Academy “Life in a Northern Town”. [lyrics]
(Another link I found on my Google travels: Bay Area Radio on blogspot.com. Seems like they stopped posting in April, though.)