When Mitch (Luke Wilson) comes home early from a conference to find his long-term girlfriend getting ready to take part in a little multi-partner fun in the bedroom, he is appalled and moves out. His new place, much to his two friends' delight, is practically on campus at the local college. His friends, Beanie (Vince Vaughn) and Frank (Will Ferrell) see this prime location as a way to escape from their daily life. Beanie sees the house as a place to throw wild parties that will not only promote his electronics stores, but also relive some old college memories from before his wife and two kids. Meanwhile, the recently married Frank finds out his wild streak isn't quite buried and his partying day's as "Frank the Tank" aren't quite over yet.
Not long after their first party, the college's new Dean, Gordon Pritchard (Jeremy Piven), who has had a grudge against the trio for many years, informs them that Mitch's new house is being rezoned to be within campus and he must move out. That's when Beanie has a great idea, create a fraternity. Of course, things get out of hand has Frank's partying leads him to streaking and eventually, a separation from his new wife and Mitch is still trying to get his life back together. But as the parties becomes bigger and the frat gets more well known, Mitch becomes known as "The Godfather" even though he just wants to go back to a quiet life. Of course, things get even more complicated when he finds out he had a one-night, drunk-party stand with his boss's 17 year-old, still going to high school, daughter.
The fraternity ends up recruiting six or so pledges that range from the average college kid, to the three main characters, to an elderly war vet known as Blue. When the group's fraternity ranking gets revoked, they realize that all members of the group will have to go through a series of tests spanning everything from gymnastics and school spirit to academia. But it seems that even though the boys are doing a great job, Dean Pritchard has a few tricks up his sleeve.
I found plenty of moments in the movie funny and it was enjoyable overall. This movie is definitely not for younger viewers, not just because of the aforementioned group-sex scene, but there is also a KY Jelly wrestling match and a few other aspects that makes "Unrated" mean it probably should have been R.
As far as features are concerned, this disc has quite a lot of them and should be enough to satisfy any fan of the movie. There is a commentary and a featurette, but there are also quite a few outtakes and bloopers, as well as eight or so deleted scenes (the previously released Unrated DVD version only had three of these).
If you love Will Ferrell, Luke Wilson or Vince Vaughn, then you will most likely really enjoy this movie and the way the three characters interact with each other. If you haven't already gotten this movie on standard DVD, then this HD DVD version might very well be worth the purchase.