More commonly associated with something I've never heard of than with a fairground ride, that I'm sure most everyone has seen or been on in one way or another at some point in their life, which has existed for at least 100 years?
I have no idea where you live, but not many people go to fairs and know the names of the rides. :P
The reference in American Pie on the other hand actually came from the events with Manson, so yeah, I'd say that's probably the more ingrained reference, at least in American society.