I've lived in a fraternity house for the past year as well, though I did live on the first floor, which contrary to initial imressions is the quiet floor since most live upstairs. My suggestion: music. Don't even bother with headphones if you don't have to, I personally can't sleep with those on. Just put a playlist up with a half-hour's worth of good background music and it should both drown out the other noise and help your mind drift to sleep as well. And you can crank it to whatever volume you need, after all, its not like you'll be disturbing the partiers by trying to sleep.
And yes, wait till things settle down some, you'll be fine.
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...And then I found $5!
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