I'm an adjunct now and was a grad student, and doing some of these things is actually dangerous: http://www.amazon.com/Blue-Angel-Novel-Francine-Prose/dp/006... or http://chronicle.com/article/Sexual-Paranoia/190351/. Most of the time of course they won't be dangerous, but it only takes one person to really fuck up a career.
In 2000 Francine Prose wrote a hilarious and sometimes sad novel called Blue Angel (http://www.amazon.com/Blue-Angel-Novel-Francine-Prose/dp/006...), which is worth reading both for its own sake and because its story and themes are compatible with Kipnis's. Decades of academic satires seem to have had near zero effect on campus politics.
(I taught as a grad student at the University of Arizona and have been teaching as an adjunct at Marymount Manhattan College.)