B
Yeah ... OD on Drugs and Participate in Underaged Drinking. but DO NOT. DO NOT Park in the Wrong Spot.
The campus is pretty safe. The university got into a bit of hot water a couple years ago, because some kids overdosed on drugs or something. Frats obviously hold lots of parties. They don't seem to really get in any trouble.
I will say, though, that campus police are OBNOXIOUSLY thorough with parking tickets. If you choose SMU in the end, do yourself a favor and make sure to follow ALL parking rules at ALL times. Don't assume that you won't get caught if you're trying to rush and drop something off for a professor or something. Always keep in mind: Murphy's Law.