When I was in college MTV came to our town to do auditions. This was five years ago!!!! I don't know if the procedure has changed, but you did not submit a tape. They set up at a local restaurant, and had a "booth" like on the show. You filled out paperwork about yourself, they snapped a Polaroid or you gave them your head shots, and then you sat in the booth for a couple of minutes and talked about yourself while they taped you.
Then they had callbacks in about ten days!
So.... that's my input. I say go for it! But only if you can still post at the Greek Chat while you are there.