OU racist fraternity song protected by First Amendment

The OU racist fraternity song is a disgrace to say the least.  The leaders of the song were two young men from excellent high schools and relatively affluent families.  With all the problems and threats our nation faces, we really need to get it together and start working together.  These types of incidents do not help one bit.  Having said that, the song was probably protected by the First Amendment and OU probably violated it.  The Supreme Court has made it perfectly clear that “hate,” "racist"or “offensive” speech is protected speech.  The mention of “lynching” was not a specific, imminent threat that can be punished.  Remember, however, that Bill of Rights provisions apply only to governments and their agencies (e.g. universities).  Private citizens and private schools are not covered by the First Amendment.  To some this seems like a strange or bad idea. However, one of the reasons we remain the freest nation on earth is that we draw lines between civil society and private individuals on the one hand, and government on the other.  If everything were deemed a government matter, there would be very little freedom. 
FIRE, the Foundation for Individual Rights in Education, agrees.  This is an extremely valuable organization which fights both left- and right-wing political correctness in Education.  See their article on campus freedoms.  Although the First Amendment does not apply on private school campuses they fight it also with other tools.  I strongly recommend you subscribe to their e-mail newsletter.