Let's cut to the chase: this movie is softcore pornography marketed for the masses under a name that the studio is milking every last penny out of the American Pie teat. Period.
The whole plot (and that shouldn't imply that there's a whole lot to go around) serves as a vehicle to show the audience more boobs and sex scenes.
If you're a Tween guy, and you're too squeamish to purchase actual pornography, then this is the movie for you. Otherwise, the movie doesn't have much to offer at all.
The acting is sub-par, the character development is virtually non-existent, and the story is a nonsensical knarl of nudity, binge drinking and pranks (none of which are particularly memorable).
Go buy real porn if that's what you want to see, and if not, go watch a GOOD movie. Animal House, Kids, or even the original American Pie are all great cinematic works, and all of them contain heavy alcohol use and nudity.
"It's not how much, it's how you use it"