I was guilty of being a frat guy in college. I don't regret it much because I met my best friend who will hold that position until death, but I held disdain for the majority of my fellow 'greeks.' It's nice to see that a fraternity is being held responsible for their antics: http://sports.yahoo.com/blogs/ncaaf-dr-saturday/oklahoma-players-and-coach-bob-stoops-protest-sae-s-racist-chant--fraternity-banned-from-campus-154333597.html
We don't have a frat / sorority culture around here, so I have no personal experience of such collectives. Anyway, the downside seems to be that when you put a bunch of young people together and especially if you give them alcohol, dumb shit is bound to happen. Sometimes you have to pay for that dumb shit, so hopefully these fellows learned their lesson.
I hold a special disdain for those who perpetuate the image of dumb, racist Southerner. There are a lot of us down here that happen to be educated and hate all men equally not based on skin tone. Even though Oklahoma is not technically The South, it is close enough and only mirrors what it's neighbors to the east and down are guilty of. When I lived and worked in Mississippi, we came up with the adage that the only truly racist people are those who are rich enough to be able to afford their actions and those who are too stupid to understand. I think these frat guys represent both.