I've made many huge posts concerning this already so I'm going to summarize here.
I am in a fraternity... Alpha Tau Omega on the Virginia Tech campus.
We are a social fraternity.
We all get drunk during parties, and enjoy good times and get together at regular intervals.
Yes, I got hazed (get a brother a beer during parties, learn fraternity information AKA studying, do a few tasks that brothers decided for a few weeks)
Do I regret it, no. I love spending time with everyone I know through the frat, and I've had job offers through the alumni that I had to turn down due to joining the Marines that I would not have known about otherwise.
Did I buy my friends, no. Just counting the beer and social events (paid trips to other campuses) I've gotten more monetarily out of the fraternity than I put in. If I put an equal ammount into just buying beer and traveling I would have gotten only half of what I did get through the frat. There are many other things that were paid for that I'm not even counting into the equation. Lets not even think about the networking that I got out of it.
Do I think fraternities are right for everyone? No, not at all. If you find a group of people that you like being with then go for it. If not then don't. The decision is yours.
Are there fraternities that are 100% true to the stereotypes in the movies? Yes. Mine isn't one of them, but there are others on campus that are. Every person has their own agenda as to what they want from greek life. Each fraternity is different in how they handle people/events/hazing/community service/etc. It's up to the individual person to decide what they want. That's the whole point of rush, look at all the frats out there and see if any of them appeal to you.