We are talking about a non-exclusive, egalitarian brotherhood where community status and more importantly, age, have no bearing whatsoever.
10 seconds sound clip from the Old School movie soundboard.
You can hear this line at 00:31:47 in the Blu-ray version of the movie.
Quote context
[...]
- Marissa is going through some personal stuff.
- Personal stuff like you running through the neighborhood drunk and naked?
- No problem. Make yourself at home.
- Thanks.
- Gentlemen, we're discussing a brand-new way to look at a fraternity.
- Yeah? From the guy who probably won't get in.
- I go to school here. I was curious, what association will you have with the actual university?
- What the hell is going on here?
[...]