we don't have an overheard in site, but we have an anonymous confession board that in its various incarnations has been outright vicious and awful (like i don't sit next to the fat girl in class because she's ugly and i don't want to be seen next to her) to stupid to bragging about how many people have had sex/done other sketch things in the library (don't ask, i don't even want to know if it's true).
The anonymous confession board would really worry me. I bet it gets really dark really quick.
Part of what appeals to me about the overheard site it that it almost has to stay somewhat light because you don't get the sense that the people who said the dumb stuff are the same people posting it. Since no one is identified very specifically, there's not too much to worry about in terms of why people posted stuff.
Sometimes I wonder if a particular thing was actually said, like a girl who believed that when she was asked for her social on a scantron test thought they wanted the name of her last sorority social. Since I'm assuming a person wouldn't be drunk taking a test, how could someone that dumb get into UGA these days? I conclude that it didn't really happen.