Here is a post from Huffingtonpost.com. It also contains a link to a five page letter (pdf) from the student who ended up in the hospital (I don’t want to call him the victim, or butt chuggee.)
I have seen comments and coverage on this situation on morning radio, the nightly news, The Colbert Report, and elsewhere. I don’t know why this family cannot take the advice of pretty much everyone, and shut the up. This kid is going to need to change his name to avoid the lifetime of Google searches (most caused by your efforts to clear his name).
I will be highly disappointed if Saturday Night Live doesn’t do something with this on Saturday. I am sure that Bill Hader as Stefon can do something with butt chugging.