Playing it smart seems to be the best bet. Stick to your limits, stay far from University buildings when you expect to party, and if things tend to get out of control, make sure you are not in the dorms. Getting caught with drugs (or alcohol, if you are underage) may result in academic probation or removal from housing on campus. What you get away with depends largely on your housing assignment. Rules vary in strictness from dorm to dorm, and RA to RA.
Even if your RA is extremely lenient with all of the students living on the floor, do not expect to be let off completely. Be extra careful early on in the academic year because BU tends to “send a message” to students before things even get rolling.