Of the hundreds of parties I've been to in my life, I have never heard of this.
Of course, I'm an old fart soon to reach the double-nickel, so this stunt may not be of my generation.
I actually started hearing about it in my Marine Corps days which were in the 90s, but I think it is mostly a college prank.
Likewise,sir. I am grateful that cell-phone cameras weren't around thirty five years ago. Nowadays you pass out drunk and you are at the mercy of those who haven't done so yet. All manner of desecration, humiliation, and debauchery may be performed on your unconscious person, all to be recorded for posterity and shared with the world on the internet.