Hm, I guess I interpreted it neither as intended nor at face value. I thought they were using the partying aspect as a metaphor for fighting for your personal freedoms to be who you are. Though as a kid I definitely took it at face value and thought it was a stupid song.
Not sure I understand how it's a parody of "frat boy" culture though. Frat boys tend to live on college campuses and don't have to worry about their parents telling them they'll kick them out if they don't cut their hair, to not smoke, how to dress, and throwing away their porno mags. Literally none of this is relevant to frat boys and all of it is relevant to rebellious teenagers.
Also not sure how often "frat boys" (quote-unquote) have long hair.