Add another bullet point to SpeedRacer's genius "Hazing and You" Powerpoint: 
"Urine/feces/vomit bucket: Just say NO!"

The UW's dean of students office and the Interfraternity Council are investigating allegations of hazing by members of Sigma Phi Epsilon.  Allegedly eye witnesses saw several men wearing just their boxers get a bucket of "indecent substances" (as the frat's president artfully dubbed it) dumped on them as they stood in the middle of Langdon Street late Friday night. 

One eye witness told The Badger Herald (an anonymous member of the UW Greek community) the bucket contained a “slurry of vomit (and) urine with large brown chunks that could have been feces.”  The source (allegedly) was standing across the street with an unobstructed view and could smell the contents of the bucket that made two of the students vomit. 

Some have said the event is a tradition during which pledges dump buckets with any contents they choose on the older frat brothers.  Others are not buying it.  The actual contents of the bucket have also been disputed.

"Nothing was happening that both sides didn’t agree to,” said Patrick Kurkiewicz, a sophomore Sigma Phi Epsilon member, who said the dumpees were older members of the frat.  “In my semester they put all sorts of crap (pun intended?) in [the buckets].”

The anonymous source told the BH it appeared the frat was holding a “hell week.”
“They were there in their boxers and having sh*t dumped on them. There is no conceivable way this isn’t hazing of some sort,” he said. “Anybody who knows anything about the Greek community and thinks it’s not hazing is delusional.” 

More info and entertaining comments over at UW student blog the Critical Badger.