This is the "Ice Bucket Challenge": a viral campaign to raise awareness of ALS (or Lou Gehrig's disease) in which participants are doused with a bucket of ice-cold water on video and pass the challenge baton on to a second participant, who can either 1. record their own dousing and challenge someone else or 2. donate to an ALS charity.
The campaign has resulted in several videos involving current FBS coaches, the most entertaining of which has been this one starring Virginia Tech 's Frank Beamer, who gets doused by two buckets and from an extended height:
Beamer's expression: beyond priceless.
Via CFT, here's some more FBS coaches' ice bucket videos. USC's Steve Sarkisian (who challenges old coaching colleague Pete Carroll):
Boston College's Steve Addazio:
Virginia's Mike London:
Hearty kudos all the way around, gentlemen.