The UCLA Undie Run is a tradition at UCLA where students strip to their skivvies and blow off some steam during finals week. It has been reported that 1,000 students took part this year.
At Penn State we had the lame-ass Mifflin Streak, where a few guys from Mifflin Hall would run naked around the female dorms nearby. Then the female students would return the favor by showing their stuff in their dorm windows - much to the crowds delight. Every year the campus police would be out in force to try and stop the shenanigans - because, you know, naked is bad. Or something.
I like the Undie Run idea better - the UCLA officials even negotiated the route with student leaders to insure safety. Maybe if the guys from Mifflin just put on some tighty-whiteys, they could avoid getting arrested.