(Everything Umbongo says is 80% true and 100% funny, but he could have added:) RAG WEEK is traditionally a part of the British university calendar. It is a fund-raising week for the poor and disadvantaged (not themselves), where students try to palm off funny writings, and (say) push toilets along the main street of town, swallow ugly-looking fluids, or try to set up new Guinness records for bedhopping, for fun and public cash. Errrr, but apart from that usual stuff, they give some of the resulting money to local or larger charitable organisations, such as the SLC (Student Loans Company).
A: So what are you doing for Rag Week?
B: I think I'll just stay in bed.
A: Have you got sponsorship for that?
B: No, but I have got a whoppin hangover.