First, Lobo (crazy as he is, and bless him for it, for it makes Surly more interesting) certainly never said he was making it his life's mission to make sure these people never got into college in state of TX. Not sure why you like to attribute extreme statements to people.I guess it makes it easier to respond to but it doesn't make it true or accurate.
Second, agree that it is possible to grow / mature. That being said, people suffer consequences all the time for decisions made when they were young. Should someone in jail for theft / selling drugs / even aggravated assault have the scarlet letter of jail follow around them for the rest of their lives? This isn't a case of a minor boo-boo, and I suspect that there is a higher likelihood of a random 19-year old in jail making a better place in the world than either of these buffoons.
The bad news is the online is forever, but the good news (I guess) is that this misbehavior will be forgotten quickly in terms of coverage. They will likely change their names and probably achieve the same outcome in life as if they had not made the video. And if this does cost one of them Senior Partner at Bain or major law firm, oh well, not going to shed much of a tear.