We have a funny one on our campus...
The Phi Delta Theta Fraternity (they're gone now, they were kicked off after one of their brothers got too drunk after a party and fell over a balcony unto the concrete patio below...he wasn't discovered until the next morning-but he survived

) Anyway, they were known for awhile as the Bi Delts, because of an embarassing incident where a few of the brothers were caught being more than "brotherly"...if you get my drift...