HPo raids AD, carts off "10 boxes and two large bags of evidence... along with... a videotape, two sledgehammers and a computer".
The Dartmouth and the AP wire mention that an investigation has been going on since October of 2004. I will not speculate as to what this could mean or what could have been the object of this search, but I'll certainly be very interested to find out.
Update: So the main rumor appears to be true, although the D isn't known for its journalistic integrity or anything. According to an update on The Dartmouth's website, the raid is linked to a sex tape made by an '03 AD. The popular version of the rumor also says the tape may be a bequest passed down in the house, and links at its highest levels to G. Gordon Liddy himself, possibly even Vice President Cheney. Horrifying mental imagery aside, if this proves to be true, it will be hard to see how the college responds to this any more favorably than it did to Zete's transgressions.
Update 2: Dean Larimore has sent a blitz out to the campus essentially restating the facts in the original AP reports but divulging nothing more.