Speaking of the "they're thrown off campus until all their chapter alums die", we have that here at W&L about the Delts!
In 1995, the Delts took sledgehammers to their house and destroyed it (it was due for a renovation anyway, and that made them mad... or something). Supposedly they collapsed the whole third floor. I don't know about that, but it is substantiated that they at least knocked holes in the floor.
Since the University owns GLO housing, they were kicked off campus pretty quick. And thus we have all sorts of crazy rumors about it.