I've never heard of this before today. I don't even know how to ask this question to someone in the corp without feeling like an idiot.
The fact that some people think this might be real isn't an indictment of their stupidity but rather, the Aggie culture that makes stuff like this plausible.
Don't worry, you don't actually have to do the sex reassignment surgery or anything because there are male cheerleaders. I'm not sure how many dudes are going to want you to jerk them off though. Maybe if you get them drunk first or something.