Lots of innuendos.
A group of teenage girls pull down teenage boys pants and are seen in their underwear.
During lunch in the cafeteria in one scene a girl mentions about another girl that's been giving all of the boys wet dreams at night.
One reference about a girl and her starting her periods
Bill Murray makes several jokes about sex, rape, and sexual awareness month.
A group of campers tell a girl that she can get pregnant without "doing it".
There are lots of talks about sex throughout the movie. One scene involves the girls talking about if they have "done it".
A teen boy and girl are heard making out on camera but not shown. They later jump into the water (no nudity) and make out again.