Pepperdine has Songfest, which is actually open to the whole school to participate in but is mostly greeks that do. Each team performs a 12 minute skit with original and sampled songs, accompanied by an orchestra, connected by a script each team writes based on the theme for that year's Songfest. In between the team performances, hosts keep the audience entertained with their own performances based on the theme. The show is performed for three or four nights (plus matinees) in front of sell out crowds, and people from the Malibu community even pay to come watch it, and celebrities help judge it. Meetings start in the fall for the spring production, but teams only get two weeks to practice and are limited to a modest budget.
While I was a student, the Songfest themes were Great Inventions one year, a sports one another year, a love theme one year, and I can't remember the other. Here's a video of the hosts performing a skit at Songfest two years ago, which had a "For the Love of the Game" (games) theme:
Super Mario Bros.
ETA: A couple more examples from Pepp's Songfest:
http://video.google.com/videosearch?...est&sitesearch=
http://video.google.com/videosearch?...est&sitesearch=