Oh, this is SENSATIONAL. In a "I can't believe this video isn't a parody...Wait, I think this is a parody...Holy shit, this really ISN'T a parody" kind of way.
The first rule of butt chugging has to be don't almost die from butt chugging boxed wine because that's embarrassing as shit. But if butt chugging has a second rule it has to be immediately removing yourself from society for 2-4 years if you ever get caught in a media firestorm over almost dying from butt chugging. This press conference, held by Pi Kappa Alpha at the University of Tennessee, goes boldly against rule number 2. In fact, the entire thing should be shown in How Not to Sweep a Bad Situation Under the Rug 101.
On the bright side, I would classify this video as a triple threat: it's hilarious, ridiculous, and you can make it into a drinking game if you swill something every time the bow-tied fellow says "Butt Chugging" or something close to that.