yes this is something we need to make clear to anyone who's worried about it: you are NOT obliged to take part in any college debauchery if you don't want to. there are many ways of having fun during the term, if traumatising the whole of your college by dressing in drag and competing in 'beauty' contests isn't your thing, then fair enough- nobody will force you to do anything. people are always ASKED whether they want to take part in things like this, and nobody will think any worse of you if you refuse.
as for watching such events- again, don't feel you have to, there are bound to be other people who will feel the same way, so either hang out with them for that night/find something more worthwhile to do-again, nobody is going to force you to come to these things