Society should have intervened by not stigmatizing homosexuality, so that the other kid could just come out and say, yeah I got me some, so what, instead of being so ashamed of it that he would kill himself. College kids are going to do stupid stuff and charging them with felonies for candid camera pranks is not going to prevent suicides.
You don't know what it will prevent. Suicide is a complex issue but feelings of isolation and self-worth are a huge factor. Again, people are social animals. Whatever you tell yourself, at the end of the day if everyone is telling you being gay is bad you are not going to be happy if you're gay. Walking around campus with his head held high won't matter for crap if everyone is laughing behind his back about his fucking some dude on a recorded video. This is what the "It gets better" campaign is all about. It's important for kids to hear athletes and other people with status to tell them they're okay (although again it's probably not enough.)
Anyway, the fact that you think this level of malice is merely a prank means there's not much more to discuss (it also suggests you haven't really read or understood many of the details in the story). In the realm of civil law, it would be considered intentional infliction of emotional distress. It should be sanctionable. Quipping that it's a prank doesn't change the fact that it should be punished by society.