All right, in accordance to all of those stereotypes and whatnot:
1) IU students are not "stupid." No college is just full of "stupid" kids. Firstly, Purdue=rivalry school. They know we're better (we did beat them in football and basketball this year-2008.) I will admit that there are a handful of not-so-serious students at IU than at Purdue. This is a liberal arts school-- it offers many rather easy majors. Purdue is a school full of engineers, etc. And yes, liberal arts students. But there is no comparison, they are two different types of schools. The academics here at IU are incredible (save for the chemistry department, which, once you are on campus, you will hear the horror stories; it is commonly said they "don't want us to pass!" I know from experience. And the math department could use improvement.) Newsweek called IU the Hottest Big State School. There is no doubt-- IU's name is getting more & more well-known. Our excellence is becoming a familiarity around the country, and around the world. A degree from IU is a highly respected one. Also our business school is among the best in the nation, as is our music school, said to top Julliard! Our biology program and life sciences programs are great, as well as our pre-law and pre-medicine and other medicine-related majors. Don't like our majors? You can make your own major at IU!!!!
2) IU is a party school with a thriving social life. Though we are a 'dry' campus, it doesn't show (note the popular "Dry Campus / My Ass" tee shirts from Greetings on Kirkwood.) There is a party pretty much every night, whether in the frats or a house on Grant. And the princetonreview.com lists don't lie ;)
3) Our campus can be greek vs. non-greek on some level. A lot of non-greeks are friends with greeks. However, it is noticeable that the greeks in general believe they are a higher up race than those who are not greek. Honestly, as it has been said, and been proven true over & over, greek life at IU is *the* stereotypical greek life. Take it or leave it.
4) Too many white suburban kids? Yes, the majority of kids at IU are white and from the 'burbs. However, our school is very, very diverse as is the town it resides in. IU is very popular with international students as well. This is the United States, people. There is bound to be more white kids in a midwest school than other races. However, IU is a diverse school and makes its diversity known through various events & celebrations & opportunities.
5) It is not easy to get into this school. Yes, it accepts a lot of people. But IU wont take just "anyone." People are waitlisted, and, yes, rejected. Also, our admission standards are being raised (see http://www.idsnews.com/news/story.aspx?id=49457&comview=1).
6) We do have a lot of pretty girls. We just do. They seem to flock to IU. Playboy had us in the top 10 for hottest girls. Sorry, Purdue...
7) Can we throw a kick-ass party? Hell yes. You just need to know where to go-- and there are many options.