Luke Burns in McSweeney's:
A: University guidelines state that you have to “defeat” the snake. There are many ways to accomplish this. Lots of students choose to wrestle the snake. Some construct decoys and elaborate traps to confuse and then ensnare the snake. One student brought a flute and played a song to lull the snake to sleep. Then he threw the snake out a window.
Q: Does everyone fight the same snake?
A: No. You will fight one of the many snakes that are kept on campus by the facilities department.
Q: Are the snakes big?
A: We have lots of different snakes. The quality of your work determines which snake you will fight. The better your thesis is, the smaller the snake will be.
Q: Does my thesis adviser pick the snake?
A: No. Your adviser just tells the guy who picks the snakes how good your thesis was.
Q: What does it mean if I get a small snake that is also very strong?
A: Snake-picking is not an exact science. The size of the snake is the main factor. The snake may be very strong, or it may be very weak. It may be of Asian, African, or South American origin. It may constrict its victims and then swallow them whole, or it may use venom to blind and/or paralyze its prey. You shouldn't read too much into these other characteristics. Although if you get a poisonous snake, it often means that there was a problem with the formatting of your bibliography.
Q: When and where do I fight the snake? Does the school have some kind of pit or arena for snake fights?
A: You fight the snake in the room you have reserved for your defense…
More here. [Thanks to Amitava Kumar.]