"Cock/cunt reality" is the strange groupthink state of mind that the frat boys get into when they decide to serially rape some passed out sorority girl. There's lots of grunting and shoving of cocks into cunts and high-fives and desirous glances at the shapes and heft of your frat brothers' cocks. It all seems so cool while they're doing it.
Then the next morning it doesn't seem so cool anymore.
It is at that point that the oh-so-brave frat boys destroy the tapes of their conquest. ...Lest the townspeople find out about it and hang them for defiling their name...