I think there's a big difference between Cyber Bullying and what was mostly being done on that Facebook Page.
Before social media you did something stupid and hoped no one heard about it, if they did it went through the grapevine the old fashioned way, this limited the exposure and range of stories being told. With Social Media doing stupid things can reach far and wide.
I think though, there is a big difference between doing something stupid and people laughing at you and posting something stupid of yourself that you thought was "Top Sh*t" and being called out for it, which was mostly what was happening there.
In this case you either turn around and have a laugh as well knowing you posted it in jest and happy that others are getting a laugh as well or you feel put down because what you thought was going to make you look like a rock star ended up making you look like a tool because you likely were being a tool. In that case it's up to you to be like "Yeah, I can see why that ended up there, good call!" or you can go the way some do and get all upset about it because people are calling you out.