I have to throw in my two cents. I am from the northwest, but went to undergraduate in Texas to experience something different than my familiar bubble while growing up. At my university, fraternity life to some people was similar to religion. It was really the only way to gain "access" to all the social privileges that are available in college. Coming from a place that seems to celebrate individualism over conformity, this was quite the culture shock for me. Everybody dressed the same and did whatever they could to fit in so they could get their fraternity bid.
After getting involved in premed clubs, Crew, and meeting a lot of great people through classes, I did not feel socially satisfied, so I pledged my spring semester of freshman year. Btw, fraternity guys are excellent at selling their fraternity to you, enticing you with alcohol and women. It's all fun and games when you are rushing.
It really depends on where you go to school, but I am warning you now: Pledgeship might be hell. You should realize that as a pledge, you are the equivalent of dog feces to them. Your grades may suffer, you may lose focus on academics, and you will be pushed to your limit. I have been intentionally sleep deprived for 3 days, forced to sleep in a broom closet, blindfolded and dropped off 10 miles outside of the city in the middle of the forest, bows and toes with bottlecaps on the elbows, eaten entire jabaneros for getting an answer wrong with no water/milk chaser, and yelled at simultaneously by 40 guys with a flashlight in your eyes telling you that you actually are dog feces. Other fraternities were no different...my friend was forced to eat a stick of butter coated with chewing tobacco.
I may be crazy, but after two months of all that, I did not regret my decision. It was the best time that I absolutely never want to have again. All the guys that gave me a hard time were actually really upstanding guys, whom I now call my brothers. I also went through this experience alongside 13 other guys who are life-long friends and who would do anything for me. My pseudo ego that I developed in high school was completely destroyed, and I was taught that only through sacrifice can you truly appreciate something. The 3 years after were incredible -- I had the time of my life. I had a social outlet from the mundane pre-med world which allowed me to experience people with mindsets much different than my own. And finally, as others have stated, the potential for developing leadership skills and teamwork ability is exceptional.
So good luck with your decision to join, just know that it may not be all flowers and unicorns (like much of the sorority world). If you are seeking to become a more well-rounded individual, then go for it.