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The theme song to Psych, I Know, You Know, is performed by series creator Steve Franks and his band, the Friendly Indians. WIKI. You can download the MP3 from the link I am providing. These lyrics were all I could find off of someone's blog.
The original NBC theme was Save Me, performed by Peter Cetera, with Bonnie Raitt on guitar and Richard Sterban, bass singer for The Oak Ridge Boys, as one of the background vocalists. The song is from Cetera's 1988 album One More Story.