YouTube user gratzeast, who posted the video, said it contains "Highlights I shot of the 1982 Phi Psi 500 at Penn State ... a day long race where runners ran a road course through downtown State College and in and out of six or seven bars."
The Phi Psi 500 was a combined race and charity fundraiser, adopted by Greeks around the country, that turned into an excuse for partying at Penn State. "The sidewalks were four and five people deep as thousands of spectators turned out to watch the serious runners in the morning and then watch the runners wearing costumes who turned the race into a parade," gratzeast wrote.
An old article from the Daily Collegian, the student newspaper, described the Phi Psi 500 as combining "two traditional Penn State passions: drinking and raising money for worthy causes." The basic rundown:
Each "runner" followed a prescribed route to six local bars, buying a beer at each stop. After the sixth stop contestants dashed to the finish line to complete the race. Quickly becoming an annual ritual, the event soon expanded. In 1982 more than 1,400 runners participated. As crowds increased, rowdy behavior and traffic problems began to tarnish the event's image.
The university later cracked down on the event, removing beer from the equation. At the time of the video, there was no rule in University Park against open containers of alcohol, although the legal drinking age in Pennsylvania was 21. The event became alcohol-free in 1992.