If I may paraphrase your signature, valkyrie, I find such parents insufferable! What really angers me is that it doesn't stop them from doing it - so the whole greek system AND dorms suffer because of it.
Phoenix Azul - we did that each Finals. It started out as just a "hey, stop up at 11 for coffee or cocoa, if you need a study break," and became a major event. It's one of my best memories of college! Especially a certain night that got a little out of control...
ETA: We made the break women only, because most of us were in abbreviated clothing or night clothes, etc.