At Franklin (Ind.) College they burn down an outhouse before the homecoming football game every year. Here is a picture.

From Sports Illustrated: On Campus:

The privy-burning started in 1908: Female students had strict curfews, so the men had to resort to trickery to get the women out of their dorm rooms to party. They stole a privy ... and burned it outside Bryan Hall, the women's dorm. The girls ran out and off with the guys, and a tradition was born.