How bad is it? Derivative and gross and not very funny.
Should you see it? Maybe if you love South Park, Van Wilder and Mad Magazine... maybe.
The type of film Judd Apatow and the Jackass crew must have grown up on. This is "Animal House" made as crude as possible, which is kind of amusing in small doses and you have to give them credit for just how far they'll go. For example, not only is the university president mooned to death (!), but his corpse is stolen and dog feces are dropped from the ventilation shaft at the funeral - that's pushing the envelope, I guess. The main storyline involves a farting contest. The best joke involves a gorilla suit, sex, an ambulance and a paper bag.