In my ongoing quest to see everything that Linnea Quigley ever acted in before I die I arrived at this. A very USA UP ALL NIGHT-type of sex-comedy/boobie-movie, this one is clearly inspired by ANIMAL HOUSE which only came out a mere 11 years earlier. It involves a nerd-filled fraternity dealing with a rival group of jocks(or are they preppies? Maybe both). Linnea and Michelle Bauer both get their tits out but beyond those highlights it's the expected really stupid stuff.
There was a sequel 6 years after this which is most likely just as dumb.
Glorious VHS cover!:

