I was in a fraternity in college and had a great time. Just make sure the guys in the house are good guys. There are a lot of douchebag houses out there but there are also some ones that have members from all walks of life and living in that kind of mix is a really interesting dynamic. Plus the best part is you don't have to leave your house to party, the party comes to you. Also a good network for jobs and stuff after college, if you need it. While I am not an active member of my fraternity any more by any means, I would definitely give preferential treatment to someone who was in my fraternity if it came to giving someone a shot at a job (doesn't mean I'd hire them if they obviously sucked, but I'd at least give them an interview for sure) and know others would do the same for me.

If I had a do-over in college I would definitely join up again. I would also go to class more and party less during the week, wait no I don't, I graduated and have a job, so party on man just don't flunk out.