One of my all-time favorites. I saw it when it first came out in theaters and have seen it many, many, many times since...
Some of my favorite scenes:
When Otter goes to the artsy girl sorority house looking for find dates while on their roadtrip by pretending to be the fiance of Fran Leibowitz who died in a "kiln accident". That cracks me up! Dying in a kiln accident!
"They even confiscated the stuff we didn't steal!" (Just love that line!)
The toga party - from beginning to end - especially when Mrs. Wormer comes over to the Delta House all drunk to seduce Otter.
"Was it over when the German's bombed Pearl Harbor?"
Pretty much any scene with John Belushi.
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Comprendre, c'est pardoner.