I saw it when it first came out. I was going to school at the University of Wisconsin when they were filming it, and I got to watch some of the filming. I also was acquainted with some of the students they used as extras. I saw it right away as soon as it was in the theaters.

Saw it in the theater, during the summer after my freshman year at college.
Laughed my ass off. It was basically Rodney reprising his role from Caddyshack.

Saw it in the theatres! I was a Junior in HS. I remember that when it ended me and my friends went to the parking lot and still had not stopped laughing about the triple Lindy. Great movie. I still quote many of the one-liners to this day.
If you want to look thin, you hang out with fat people!

Snuck into it at 16.

I saw it in late June 1986 - just a few days before the last day of school and courtesy of my math teacher, who took the entire math team for bowling and a movie.
Back then, I didn't think much of college, but was put off by it when I did think about it. I was actually intimidated by the notion of attending classes in different buildings and was under the impression that all college students were six feet tall and had two percent body fat. This movie didn't dispel those notions.

I actually saw it in a drive-in with my first girlfriend. I remember we thought it was a really funny movie.

I did. I was 19, in college, and loved it. Come to think of it, I also saw "Ladybugs" and "Easy Money" when they came out. I wasn't a die hard Rodney fan necessarily, but I saw them all in the theater. I didn't realize this until you asked the question.
Out of those three, I probably liked "Easy Money" the most. It was totally carried by Rodney's shtick.