Not an initiation, but we still end up with embarrassed naked students. Scroll down the link for a collection of stills from the film "Wild Party 2". Boys & girls willingly strip for a party, then get caught by a lecturer which is when the embarrassment begins. Towards the end they have to line up, still nude, for punishment. At this point at least one of the girls is actually crying. Looking at the assorted facial expressions, some fine work by the actresses.
http://www.rge-films.com/Movies/29-w...rty-2/Gallery/
Any links to the actual film though? Presumably there was also a "Wild Party 1" and has there been a 3 or 4?