So funny that this thread was bumped today, because I was thinking about this at work today!
I was actually planning to start a thread but instead I'll just hijack this one. I know the meaning behind LITB or ITB isn't an official ritual secret, more of a chapter tradition that the new members can't find out the meaning until after initiation (at least that was the tradition at our chapter) and aren't supposed to tell non-members the meaning either. However, I can think of at least one location where new members and non-members alike would easily be able to ascertain the meaning of the acronym, which is where I'm basing my assumption that it's not an "official" fraternity secret.
The question I have, then, is this: are there any other "unofficial" secrets or traditions out there? Obviously no mentions of rituals are necessary, but does your chapter have things it keeps secret from the new members until after initiation that are actually more just for fun?