I love it when people ask for advice and all they get are useless, bashing comments. Espeically from a bunch of drug users... the paradigm of the socially acceptable.
Is your school a big party school? I know at UCONN the frats do things like "Kegs and Eggs" (Breakfast of Champions!) and other fun, themed parties, especially around Spring Weekend. Rent out a bar for a night, no cover for girls, guys $5... something like that.
Team up with a sorority*, do fundraisers... Habitat for Humanity is always good. Fundraisers for local children's hospitals, or organizations like the Make A Wish Foundation are usually well received.
As for being seen as cooler... Make grade requirements a condition of remaining a brother. Once you get rid of the total screw-ups, you're on your way. Most of being socially acceptable is just being confident in what you're doing. Also, throw big parties.
*teaming up with a sorority is a great way to meet girls... and if your school is anything like mine, sororities see other sororoties hang out with a frat and then the competition begins for that frat's attention.
Oh, and don't burn your house down... one frat made that mistake. Another melted the siding off thier brand-new university built house. 8)