Baylor is pretty big into Greek life. Even if your not in one of the typical fraternaties/sororities, you have a pretty good chance of ending up in a service fraternity or minority sorority/fraternity. It's just the way most students get involved. That said, we have a pretty big Honors College, and there are a lot of organizations for your area of study.
Dorm life - for girls at least - isn't huge. Most of the time, the girls are out elsewhere being social. I honestly didn't know probably 3/4 of the girls on my floor, and if someone's door is open, it's barely cracked in case one of their friends really needs to see them.
Athletic events can be pretty big, especially if we happen to be doing well at the moment. Football starts off big and then sort of flags off as we realize that this isn't our year, again.
We'll have some things that come through Baylor like speakers and plays and the like, but most of the time it's not a huge deal. Probably our biggest events are the Pigskin Review and All-University Sing (a huge singing, dancing, theatrical production put on by our Greeks--it's one of the biggest deals of the year). Something worth checking out is the Guerilla Troupe comedy shows. It's an improv show and it's actually really funny.
Dating is a huge deal at Baylor. When you first get there, it's like a mad dash to find the person you'll be engaged to by the spring of your Junior year (or your tuition money back!) There are a lot of great people there, though, and chanced are good that if you're female, you'll find your life partner if that's what you're looking for. Not everyone is super into dating, though.
If you're awake at 2am on a Tuesday, you're probably studying for a huge test you have on Wednesday or hanging out with a significant other, though not in your dorm room since the visiting hours end at ten on weekdays.
Every year, we have two pretty big events--Homecoming and Diadeloso. Homecoming include the Pigskin Review, which is the best 8 acts from Sing, the Bonfire, and the tradition of the "Eternal Flame," which actually may be discontinued due to injuries. The premise is that freshman guard a flame and the upperclassmen try to put it out. People can get pretty into it, and this year some people ended up hospitalized. The other big event is Diadeloso, which is a day off from classes in the spring a little bit before finals. Students set up booths by the Science Building or just hang out together. It's a pretty big day for partying, too.
Partying at Baylor isn't too big. Unlike a lot of universities, you have the find the parties, the parties don't find you. Thursday is usually a night where students go to a club or have a small get together or just stay in. Fridays and Saturdays usually have the bigger parties, mostly thrown by fraternities, who don't have official frat houses, but use a house where some of their guys live. They can be pretty fun, and it's not a huge deal if you don't drink. There are some that do and some that don't. If you don't want to be around drinking at all, that's fine, too. There are plenty of groups that get together on weekends and have movie nights, go bowling, etc.
Off campus, there are plenty of places to eat, there's a lake nearby you can visit, a zoo, a beautiful park, and attractions in Dallas and Austin. It's nice that Waco is close to those big places if you need a little more night life.