Yes, they would stack as described.
I couldn't find this spell in the wonderful SRD (which is still a wonderful resource and can answer a lot of rules questions for you), so @JonathanHobbs and @BESW dug up a link to the spell in Complete Arcane. The text is as follows:
This abjuration grants a creature and its equipment complete protection against damage from one of the five energy types—acid, cold, electricity, fire, or sonic.
Energy immunity absorbs only damage, so the recipient could still suffer side effects such as drowning in acid, being deafened by a sonic attack, or becoming immobilized in ice.
Note: Energy immunity overlaps protection from energy and resist energy.
So long as energy immunity is in effect, the other spells absorb no damage.
Emphasis mine, of course.
Repeat castings do in fact stack, creating a near-total immunity to energy damage (this spell notably does not protect you from force damage, positive energy damage or negative energy damage). On the one hand, this is fairly powerful. On the other hand, 6th and 7th level spellcasting isn't a joke and it does burn up spell slots.
The stacking rules in 3.5 have to do with two things and two things only unless there's a specific exception in the wording of a spell or ability - bonus type stacking, and same source stacking. Bonus types - such as dodge bonuses, inherent bonuses, or insight bonuses - differentiate the sources of a bonus to a roll. With some small amount of exception, two bonuses of the same type (such as two enhancement bonuses) do not stack if you attempt to apply them to the same value. Likewise, two bonuses from sources with the same name do not stack, nor do two abilities or spells with the same name stack - if, and only if, they're trying to add or modify the same values or abilities. Though multiple instances of Energy Immunity do in fact have the same name, they're not trying to modify the same values or abilities - each one gives immunity to a different kind of energy. Thus, they stack.
But you can't have a wand of it.
The player can't buy a wand of energy immunity for the simple reason that it's a 6th level spell for divine casters and a 7th level spell for arcane ones, both well above the limit on wands (to wit, they can only contain spells of 4th level or lower).
Best Answer
I counted up the number of creatures with those resistances and immunities in the Monster Manual (the first one only), and I came up with these totals:
Fire - 62
Cold - 50
Electricity - 40
Acid - 33
Here's a Google Doc with all of my information spelled out. All monsters on this list have either resistance or immunity against the listed energy type, and I didn't differentiate between the two. In this list, I did not include templates (like Skeleton or Half-dragon) and I did not include monsters that were just more powerful forms of other monsters (so each dragon color gets one entry, as does the Arrowhawk and Tojanda). The numbers would change a little bit if you included those, but not by terribly much, and I'm fairly sure that it wouldn't be by enough to change the order of which is most common. https://docs.google.com/document/d/1NDEusHrX9TKlVl7aoozoz2Sy1oa5FFAODWbWmU4njEY/edit