Ours was re-named Celebration Day, and over the years restrictions have become more severe. I don't think people were ever able to do
that much but a year before I started, some guys did some stuff that caused a few thousand dollars worth of damage to the school (quickset concrete in some toilets) and they had to get the police involved, iirc. Whilst the restrictions are annoying, I was glad that the school hadn't cancelled the day completely, because they were well within their right to do that - muck up day is a privilege, not a right.
We weren't allowed at the school before 7am, and once we got there we basically just did a bit of petty litter
silly string, TP'd a few places, put cups filled with water all over the main stairs outside, put garden gnomes in random places, that sort of thing. Iirc, people gave lollies to kids getting off buses, and we also raised money for charity by collecting donations from cars coming into the carpark. The teachers also cooked us breakfast, which was cool.
After we cleaned the school up, we had our final chapel and final assembly, and then had an afternoon of fun activities on the school oval + lunch
Imo, it was the stuff in the afternoon that made the day, and the people I spent it with. So yeah, I think whilst doing something to celebrate the end of year 12 is important, students should remember that it's a privilege, not a right (I sound like a teacher here, sorry
)