I know you can be suspended from athletic teams here if images of underage drinking and/or illegal drug use surface. Granted, half of those cases, the photo was taken IN FRONT of the coach, he just didn't want to do anything about it until he was forced to.
Personally, I'm very careful when pictures are taken of me. For instance, you can protect yourself by putting down your drink. It's much harder to prove you were drinking underage if you have a bunch of half full glasses in front of you, than if you're doing a keg stand. If you don't like the picture, you can always untag yourself or ask the person to delete it. :shrugs:
It's not exactly considered "cool" to take down those pictures, but I rather get crap from people for being a wuss than kicked out of school.