Someone borrowed my handle and visited the Baylor equivilent to this site (BaylorFans.com). He started a thread about the Burger Wars thread on this board, asking where the best burger in Waco is made.
It seems the general concensus (53 posts in 3 days?) is that the best burger is either at George's or something called "Vitok's" - I saw when we head to Waco for the Mustangs' big win, I think we should invade those two locations en masse and make them SMU hangouts for the night!
And according to the posts, those who fear Waco is a dry town can breathe easy. Beer seems to be very much available.