I would never participate in one of these parties. I just could not bring myself to do it. NOT AT ALL. In my neighborhood, calling someone a hoe is fighting words.
I don't know anyone who would feel comfortable enough to step into a sorority/fraternity party in "hoe gear"
just cuz everyone else thought it was cool/funny/acceptable. But hey, to each his own.
If organizations really want to have a party and dress up in this manner, then they should simply come up with a better name than "Pimps and Hoes". IMO, that theme lacks creativity and is just plain tacky.