Is "party ranking" a genuine ranking system?
Universities aren't pleased about ranking highly in such competitions they didn't ask to participate in. That is at least their official position. As it might help with recruiting, some people dealing with attracting students might quietly approve; but in the same way it attracts certain people, others will be repelled. The university in the above link has a great academic reputation as well, and would probably do just fine if it didn't have this other one. 

Other than "being known as a 'party school' ", or appearing in 'rankings' such as Playboy's, I don't think there is any publication that evaluates extra-curricular activities. However, schools greatly value to be seen as a good place that people like to spend their formative years at. When I was accepted for graduate school at NYU, I got hardly any information on their academic side, but a beautiful hardcover picture book on Greenwich Village. Places that don't have natural advantages still care about presenting the school and its surroundings as desirable living locations. The tongue-in-cheek "Where the hell is Grinnell?" slogan comes to mind (it's in the middle of nowhere, but both the town and school are rather beautiful). In addition to mere location, social activities on campus are certainly highlighted in information about the school, and when visiting on site.