The extreme political incorrectness of the picture will horrify the Oxford University authorities.
Particularly since at least two of the students are members of the university's under-21 rugby squad, which is already under investigation for alleged anti-Semitism after inviting players to bring 'attractive Jewish girls' to a dinner last week.
The Africa party, known as the Safari Bop, was held earlier this year in the city. The four in the picture include Tim Hegarty, Phil Boon and Fred Spring, who is the son of a Tory MP.
Hegarty, 20, attended Whitgift public school in Croydon, where he played rugby alongside future England star Danny Cipriani and captained the school side which won the Daily Mail Cup in 2003.
His entry on the social networking site Facebook includes statements such as: 'I want to go to slag island' and 'I think most girls just think I'm some kind of depraved ape.'
There are a number of other lewd sexual comments about women.
Grammar schoolboy Boon, 21, from Doncaster, attended schools in Gainsborough, Lincolnshire and Scunthorpe.
Spring, 21, is the son of 62-year-old Richard Spring, MP for West Suffolk.
Last week the rugby club was forced to rename its 'Bring A Fit Jew to Dinner' party after complaints from the university's Jewish community including campus chaplain Rabbi Aaron Katchen.
Yair Zivan, of the Union of Jewish students, said 'real offence' had been caused and added: 'The union is appalled that in 2008 old myths and anti-Semitic stereotypes are still appearing amongst supposedly educated students.'
Despite the outcry, a number of players were still said to have arrived 'in costume' at a curry restaurant in the city last Wednesday - with one described as wearing caricature Jewish clothing and carrying a moneybag. The party name had been changed to 'Bring a Fit Girl to Dinner'.
Under university disciplinary rules, severe action can be taken against students who misbehave. They can be fined, banned from the university for a period of time or, in the most extreme cases, expelled.
Boon attempted to defend both the Jewish party night and 'blacking up' for the Safari Bop.
'I know the university is investigating matters but I have not been spoken to as yet,' he said.
'I have organised a lot of party nights but I do not see why there should be any fall-out. I deny that anyone turned up wearing Orthodox Jewish clothing last week.
And anyway we changed the name of the party from the 'Fit Jew' thing to 'Bring a Fit Girl to Dinner'.
'Blacking up for the Safari Bop was just going along with that theme. We dress up for a lot of parties. I have not had people telling me that either of the themes were offensive.'
Boon has appeared on the Internet video site YouTube playing the role of 'Edward Beerhands' - during which he tapes a four-pack of beer to each hand before attempting to drink them.
In another video, he and others are seen wearing Boratstyle 'mankinis' at a rugby match against Cambridge.
Fred Spring's father has had his own share of controversy, having once been nicknamed 'Three in a Bedspring'.
In 1995 he was forced to resign as a Parliamentary Private Secretary after being exposed by a Sunday newspaper for sharing a bed with a male friend and a female Sunday school teacher.
Last night an Oxford University spokesman was unavailable for comment.
