The greatest description of Duke life came from an opinion column today in the ChronChron... It was a great speech on who/what/where/why to do at this grand institution.
Some of the best bits (thank you Brandon Curl):

Eat one thing everyday that scares you. If you eat at the Marketplace, you've got that one covered.

Maybe you'll join a fraternity. Maybe you won't. Maybe you'll be featured in a thread on JuicyCampus.com. Maybe you won't. Maybe you'll join Mirecourt. Maybe you'll ride the bull at Shooters at your 75th reunion.

Nobody understands the Stick It comic. Not even the guy who draws it. You're not supposed to.

Do not read your textbooks. They cost too much money and you're likely to pass without them. Your professors are probably just trying to pawn off their own books onto you anyway.

Understand that buses come and go. Don't run after them. This is not high school.

Accept certain inalienable truths: You will quit the pre-med track. The Duke University Police Department will conduct an ill-advised raid for illegal drugs in your residence. And you will owe Duke lots of money.
And when you do, you will fantasize that when you were in college you never were pre-med, the drug bags were filled with oregano and the money was all worth it.

If you see a basketball player on the quad and you think he recognizes you from a previous encounter, he doesn't.

If those rocks are good enough for jocks, they're good enough for you.

Collect free T-shirts. But remember, they're just T-shirts. It's not worth punching some girl in the face to amass your ninth lime green shirt you will never wear.