I'm watching it just now on Italia1 for the... nth time (they show it every Christmas Eve - and it'll never bore!). So, the song they sing at the Tennis Club:
Zeta Ki... blah blah ... Constance on the make.
Constance Fry, Constance Fry Anytime you call Constance will fulfill your needs Winter, spring, or fall
In short, they're calling the poor Constance an easy girl (to be polite), right?
I found this little snippet hanging around the web. The entire lyrics to the Constance Fry used in the movie. Though only the first four and last seven lines was heard on screen. So, I guess it's from the script to the film.
But read that text and tell me now it's not about doing the nasty? It's just because the lyrics are juxtaposed with that preppy Ivy League setting the meaning of the words don't make it through. Because the audience simply can't believe what they hear. And that's why it's so funny, and that's why it's such a fantastic little gem of a scene. Those guys, singing about doing those girls. And Constance Fry in particular.
CONSTANCE FRY Tune: Aura Lee/Love me tender (or very similar)
Zeta Chi, Zeta Chi,Zeta Chi my friend; 'neath the elms we sing our tones – We're brothers to the end.
We like Sigma kappa girls They're our number ones. Bobby sox and lovely curls, And such lovely 'buns'.
Lovely buns, lovely buns, Held so firm and high. If you're thinking doughy buns, You're not Zeta chi.
Some want their girls full of zest, Some like breasts and thighs. I like rounded curves the best, Just like Constance Fry's.
Constance Fry, Constance Fry, Full of Rubens' charms. Smile to cheer me, softly sigh, Take me in your arms.
Muffy in the bathroom stall, Margaret by the lake. Susan down in Whitley Hall, Constance on the make.
Constance Fry, Constance Fry, anytime you call. Constance would fulfil, your needs – Winter, Spring or Fall.