The two situations aren't equal. It's the cultural processes in ingroup vs. outgroup dynamics. Many things that are ok between ingroup members are not ok with somebody outside the group. The frat situation is clearly racist...whereas the basketball situation is not. For example, I can call many of my friends on this forum a "redneck bastard" and we'll laugh together; but if a black stranger were to call one of those friends a "redneck bastard", it would surely lead to a fight.
And therein lies the problem. Hypocrisy. It either is or it isn't. People sure get their feelings hurt easily these days and it sure seems that they pick those times selectively when it suits their need. They need to get over it already. Bunch of pansy ass girlie men this nation has become.