Holi: A Hindu celebration welcoming spring which includes throwing colored water and colored powder in the air and at each other.
UNC holds an annual Holi festival called Holi Moli every year. While it could be possible suicide for your camera (mine was triple-wrapped in Saran wrap), it is a festival full of color, celebration, moments and camaraderie. And even though you leave with stained skin, hair, and clothes (which lasts for a few days) the experience is worth every minute of getting powder thrown into your face and then sprayed with water.
I'll be there next year, Saran-wrapped and all!