Let's see if I can shed a little light since I just graduated from Baylor.
The Sig Eps actually just got yelled at a whole lot and suspended for one semester. It may have been a whole year, but definitely not kicked off campus. The girls who posed in the "girls of the Big XII" issue were kicked out of their respective GLOs and were also in deep crap although I dont' remember the specifics. I just remember all my Sig Ep friends pointing themselves out in the picture. Kinda stupid since the girls were wearing bikinis and shorts!!!!! Anyway, it was made known right away that any students participating would receive severe punishment.
As far as Baylor goes, it's the rule that if a female and male student have the same address they have to have the same last name.
Also, if Baylor cops give you an MIP or DWI or anything alcohol (or drug) related, your parents are notified. SUCKS!! Better to get caught by Waco police for murder than Baylor cops for MIP. Jk.
It is required that two semesters of religion classes be taken (usually old and new testament) as well as two semesters of chapel.
I can't really think of much else, I never got in trouble!!!!

ETA: chapel was two days a week, for one hour. Pretty cool sometimes.
Other than the stuff I already wrote, it really wasn't that strict, some of the craziest people I've ever met are from BU. Alchohol, sex, drugs, everything like that at the biggest Baptist school in teh world. Nice huh?