I'm not a varsity athlete myself, but I think it's definitely possible to handle the two. Just try to keep the rest of your activities to a minimum because a varsity sport, a sorority and school can be a lot to juggle.
Though I don't play sports, I can still hopefully give you an example--I have a vice president position in my sorority, I'm a delegate for Junior Panhellenic, I'm on Panhellenic Cabinet (in case you're not familiar with it, Panhellenic is the governing body of all the sororities), I'm in 2 outside organizations, I'm taking 18 credit hours, and I go to every single sorority event and meeting we have, plus I still find a lot of time to go out and have fun. My grades are very good, as well. I'm exhausted a lot of the time, but it can be managed and you can have fun with it.
Just be aware that your first semester will probably be pretty tough and busy since you'll be a new member and that usually involves a lot of activities, plus getting used to your team...but I think if you work hard and stick it out, you should be fine!
Also, I know of at least a handful of sorority girls that are either cheerleaders or on the dance team that performs at the football/basketball games.
Good luck!