I don't know anything about this show other than I always saw in on the tv guide thinking it was Star Trek The Next Generation; only to flip over and be disappointed that it was some high school drama bullshit.
It wouldn't surprise me if that was the actual song used in the episode: I got hopelessly addicted to Degrassi: TNG for a few years when I first met my future/past wife: she liked to get stoned and watch it, dragging me along, and while at first I was like "what the fuck is this" it actually introduced me to some cool Canadian music like Final Fantasy, Arcade Fire, Stars, before they got popular here in the states.