Although you already have an answer, I'd just point out that the German word is "Heil" not "Hail." Heil is pronounced about like a rhyme with "pile" in English. Therefore there is not the relation that you seem eager to point out.
Also note that Ave Satanas, the Latin version which is also used, is probably an intentional mockery of Ave Maria, or Hail Mary (see the obvious connection?).
"The devil I'll bring you," answered Hagen. "I have enough to carry with my shield and breastplate; my helm is bright, the sword is in my hand, therefore I bring you naught."