It’ll take you back to your college days when rites of initiation, getting to class on time and finding the most raucous party on a Saturday night seemed like top priorities.

Judging from the previews “Old School” looked as though it could either be guffaw-out-loud hilarious or knee-in-the-groin painful. Luckily, it’s the former.

The film stars Luke Wilson (“The Royal Tenenbaums,” “Legally Blonde”) as down-and-out real estate lawyer Mitch who has returned home from a conference to find his “sexually enlightened” girlfriend has been cheating on him. Meanwhile, his friend Frank, played with delightful no-holds-barred enthusiasm by Saturday Night Live alum Will Ferrell, is about to be married. Mitch’s other friend Beanie, a fast-talking stereo salesman played with unswerving candor by Vince Vaughn, is married with kids and warns Frank about the perils of a walk down the aisle.

To get over his break-up, Mitch moves out and rents a house near the fictional Harrison University. Being so close to campus inspires Beanie to start a fraternity using Mitch’s house as a base for outrageous parties. Never mind the fact that these guys are well over the age of your average pledge.

The goofy premise makes for some hilarious jokes that, with lesser actors or direction, could have fallen flatter than a forehead-smashed can of Coors. Some of the funnier moments include Frank’s wedding as Beanie whispers to him that he still has time escape as his bride walks down the aisle; Frank’s drunk solitary streaking through town; the initiation rite of passage for pledges and Frank’s encounter with a tranquilizer dart.

Ferrell has a hand in the film’s most successful comic sequences. This is because of his willingness to absolutely embrace embarrassing situations with a bewildering sense of naivety. Kudos go to director Todd Phillips for trusting Ferrell’s comic timing, which is finely-honed thanks to his work on SNL.

Vauhn’s Beanie hands-down has the best one-liners, and his delivery is spot on.

Wilson’s Mitch is the straight-man in this movie. While his character isn’t directly funny, Ferrell and Vaughn are able to bounce their laughs off Wilson who plays a sympathetic and likable protagonist.

Craig Kilborn, Jeremy Piven and Andy Dick all play smaller roles that enhance the level of comic absurdity.

While one wouldn’t want to wax too philosophically about “Old School,” the film does embrace the idea of brotherhood and loyalty in a world where disconnected people communicate through cell phones and e-mail. The film subtly advocates connecting on a more personal level. Such as cheering on your friends in a K-Y Jelly wrestling match or sharing a beer bong.

“Old School” will make you laugh, cringe and groan much like a good old-fashioned frat party – without the morning after hangover. Three stars out of four