Is Liberty trying to make itself into a laughingstock?
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UPDATE: For those who think that Liberty is "standing on principle," especially with regard to abortion, the especially stupid thing about Liberty's move is that political parties don't have fixed principles, they respond to their members and what they think will get them votes. The Republican Party was a pro-choice party until 1980 when evangelicals got influence. If you were trying to influence the Democrats to have principles more to Liberty's liking, the dumbest thing you could do is ban its students from being involved in the party.
And of course American political parties are not monolithic. The Democratic Party nationally may not be going pro-life any time soon, but that doesn't mean that you can't elect pro-life Democrats to state offices or perhaps even federal offices in Virginia. Even the national party may be swayable on issues like partial birth abortions or parental consent. So Liberty is not just making an intolerant stand (or a stand on principle), but a plain stupid one.