Theoretically, yes... but it wouldn't be practical, especially now.
In terms of sororities, there are 5. 4 are at or over total, but 1 has pretty low numbers; bringing on a new sorority would kill that one.
There are a lot of fraternities - about 25, give or take (colonies form, chapters close...) There are also a few coed independent living groups. I would say that most men who are interested find a home.
Why not now: My school's greek system has just undergone two major changes. The school has gone to deferred rush (September for fraternities and ILGs, February for sororities), and freshmen are now required to live in the dorms (used to be that if you joined a fraternity or ILG you moved immediately into the house). Numbers were seriously hurt as a result. In the day, about 300-350 people in any given class would pledge fraternities and ILGs; this year it was about 250. Sorority quota used to hover around 30-32; this year it was 22. Sadly, I think some of the smaller houses may close within the next few years.
