Originally sponsored by the Interfraternity Council, the Soap Box Derby has been held since 1967. Entries for the first race included the Arnold Air Society, SWT Rodeo Association, Kappa Sigma, Lambda Chi Alpha, Pi Kappa Alpha, Phi Kappa Tau, Sigma Nu, and Theta Xi. The Theta Xi Fraternity soap box car, driven by Jeff Anderson, was the winner.

Dr. Billy J. Hinton (IFC Advisor, 1967) said "the derby attracted more students than any single activity on campus this semester.  We hope to sponsor another derby in the spring."

An annual event during Homecoming week and now sponsored by the Order of Omega, registered student organizations who enter the race are responsible for building their soap box car for the competition.  There are three brackets:  Student Organizations, Greek, and Residence Halls.  There is a 1st, 2nd, and 3rd place winner in each bracket.