They exist! I went to a stereotypical college party last night, with DJs freestyling in the backyard, upsidedown keg stand drinking, weird ball/cup bouncing games, pretty American girls in skimpy dresses and grind-dancing galore. Also enough crowding to give me flashbacks about Times Square on New Years. Of course you'll only find these near a university famous for partying.
They are pretty fun, actually. But only if you like dancing/being around humans/seeing other drunk people act crazy. Not super special, you can prolly find a club that's more or less the same thing.
Oh, it's highly unlikely that you'll find that many people doing that in a dorm, of course. You have to go to a house. People do party in dorms but of course there's way less people and relatively in secret....