The thought process doesn't go much deeper than that. The H.O.T.S. girls fix up an old house, recruit new chicks, play a bunch of pranks on the rival sorority house, have pranks played on them, get into fights, ride around in a hot air balloon, skydive topless, throw pies, dance at a disco, wet t-shirt contest, adopt a seal, make moonshine in their attic, have a bear play guitar at the beach and, in the end, play a game of strip football in front of the entire school. Also, for added yucks there's two escape convict who keep snooping around the house because there's money hidden in the attic.
Even despite all of the topless nudity, H.O.T.S. wasn't sexy and the jokes were pretty terrible. Still it wasn't painful to watch. Will you laugh? Probably not. Will you find the story interesting? Not really. Will you jack off? Maybe, if you're into funky 70's bodies. Not the worst 70's/early 80's sex comedy of all time, but it's no masterpiece either. Also, there was a pre-"South Park" A.W.E.S.O.M.-O 4000, which I thought was strange.
Is this the inspiration for A.W.E.S.O.M.-O 4000?