Greek life is huge on campus. There are 8 fraternities and 3 sororities, not including the academic or service-based ones, but 50{4a082faed443b016e84c6ea63012b481c58f64867aa2dc62fff66e22ad7dff6c} of campus is greek.
I'm in a fraternity on campus, located about 3 minutes from class. There are a few off campus too that commute to school every day. Greek life here is definitely no Animal House, but we do have fun. The campus is not 'dry' but in the dorms they will pour out your alcohol if you are underage. Its a fairly relaxed policy though and nobody ever gets in huge trouble unless they are causing trouble.
The administration is far less understanding when it comes to drugs. They will kick you out without much discussion. I would advise against having any drugs in the freshman dorms, although if you keep to yourself nobody will bother you. There are drugs on campus, but they are quite hard to find and if you aren't looking for them, you won't run into them. There are usually at least a few stoners in every fraternity, but far more people drink than smoke weed, kind of going along with the midwest stereotype.
The dorms are really nice to live in, especially as a freshman. People always have their doors open and you can walk into anyone's room and ask for homework help or just hang out. Freshman floors are very tight knit and compete in intramurals together. If you're a freshman, you WILL compete in intramurals. They are extremely fun though, and the winners get cool prizes.
On the weekends sometimes people go over to ISU, which is ten minutes down the road. There are parties there, and girls, and just different kinds of people than you would find at Rose, so sometimes it's a nice change.
There are special performances in Hatfield Hall on campus several times a month including concerts, theatrical performances, comedy shows, famous speakers. Last year we had the Red Jumpsuit Apparatus, before that Tommy Emmanuel. Michio Kaku spoke at graduation.
Since the school is extremely old (1874) there are still old traditions such as our HUGE homecoming bonfire that the freshman have to build. People swim and fish in speed lake, and skate in the wintertime.
Campus organizations always sponsor weekend events to keep people entertained (that don't involve drinking.) There is also usually a fraternity party each weekend, and as long as you know one person in the fraternity you can get in. They're usually not too exclusive.
There are quite a few rose couples, but also lots of nearby schools if a rose girl isn't quite what you're looking for. There are nearby hiking spots, lakes, and outdoorsy things to do. There's a bowling alley, movie theater, rock climbing gym, mall, and all that good stuff closeby.
Indy isn't a far drive, maybe an hour or less depending on the weather. People also do weekend roadtrips to Chicago, Louisville, St. Louis, Cincinatti. Those are all about 3 hrs away.