Okay I just got home and read all the comments and I think its obvious that I need to expound on what I said earlier.
My fraternity throws lots of parties but our campus is dry so everyone usually gets drunk before they show up to parties, and if you do drink while at the party it must be in a solo cup and not in the bottle or can it came in. Basically if I got accepted there wouldn't be a special party for me but it would be a normal "XXX fraternity party" with some kind of tagline such as "come out and celebrate so and so getting into medical school."
There have been lots of incidents with parties on my campus and often times the local media gets REALLY involved when something goes on. For example, two guys got in a fight off campus and they happened to be in separate fraternities and one of the guys ended up in the hospital. The local media stated that it was a "frat war" of sorts and named the fraternities on the local news and everything.
There are numerous other incidents that happen at parties which are usually driven by alcohol. If something were to happen at this such party and the local news reported it as a party for me I do indeed think it could screw me over, especially if they mentioned it was for me getting into medical school. This is one of the reasons that I probably wouldn't want alchohol present at the party but if you wanted to get drunk before it wouldn't matter.
In a nutshell, the school, campus, and local media really have a negative connotation of greek organizations on my campus. So if something were to go awry at this party i.e. rape or alcohol related death, things that do happen when you have 100s of drunk college kids running around I would hate for it to come back on me. This is why I think I would rather not have my name associated with such an event, and would rather just go to a local bar and have a few beers with some friends.