I'm in a fraternity, so...yes.
Edit: You're going to hear a lot of negatively biased opinions toward fraternities, just because of the "Animal House" reputation Greeks in general have. On any given large campus, some fraternities will meet this reputation. Others will not. I'm in a dry fraternity, for example. We don't have problems with trying to study, or waking up early in the morning. Ultimately, only you can decide for yourself, and see if you can find a fraternity where you fit in, and where you feel comfortable.
Also, you are going to hear a lot of people calling them glorified drinking clubs, or buying your friends, or whatnot. Again, some fraternities on some campuses may be like this, but obviously not all are. Again, it's up to you to decide whether a fraternity lifestyle fits you or not.
I joined a fraternity my freshman year, and I still hold it to be one of the greatest decisions of my college career. I know some of the friendships I've made will last a lifetime (and yes I have friends from the dorms, too). Again, it all depends on what you feel comfortable with, and you finding a place where you can fit in.