Your views are personal, and in no way conservative. You are reacting to your own experience, but conservatism takes each as an individual and makes a decision on each individaul by their behavior, not the percieved behavior of the group they are in.
Same with this fraternity. The individuals involved in this outrageous behavior are slime, not necessarily everyone in this fraternity.
As for this fraternity, I understand where they are coming from. They are young and expressing a sentiment. And while not nice, I am sure they have heard worse coming from Negroes. I certainly have. I am sure they won't be chanting the same thing when they are 30. In a way, their chanting is a wake up call. Such a chant would not have entered my mind when I was in college, but today it is literally yelling out that there is a big problem in race relations. In my opinion, the problem didn't come from whites.