Ice Water is exactly what Titchou said, just an open house. Ole Miss has them in August after the freshmen have been at school for about 2 weeks. There are no decorations, no food, no special t-shirts...just the members, their house, and some ice water to drink. It is usually on a Sunday.
I had other visions of what "water parties" might be. Darn, no bikini's!
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