CNN's Rick Sanchez has the story. From AP:

Baylor University officials said they are investigating an apparent noose hanging from a tree the day Barack Obama was elected the nation's first black president. Campus authorities also responded to a barbecue pit fire where several Obama campaign signs were believed to have been burned, interim president David E. Garland said. "These events are deeply disturbing to us and are antithetical to the mission of Baylor University," Garland said in a statement Wednesday. "We categorically denounce and will not tolerate racist acts of any kind on our campus." On Tuesday afternoon at the world's largest Baptist university, some students notified officials that a rope resembling a noose was in a campus tree, Garland said. Campus police took the rope and are investigating.

The student paper at Baylor, The Lariat, has more:

Devin Culberson, Spring freshman, found a thin, white rope tied to a loop at the end, hanging from a tree. Culberson borrowed a knife from a janitor and cut it down, he said. The rope evokes historical images of when black people were hanged from trees in the American South in the early 1900s. The rope is now in possession of the Baylor Police. Dub Oliver, Vice President of Student Life, says that he believes it was intended to look like a noose and send a hateful message. He hopes students will continue to come forward and help with the investigation. Culberson believes the rope was put in a tree to intimidate black supporters of president-elect Barack Obama. "I had to cut it down to show respect for myself and other black people," he said.

That wasn't all. As the AP mentions, there was a bonfire made of Obama signs. And outside one of the residence halls, there was nearly a riot:

Later, verbal altercations occurred outside of Penland Residence Hall. A group of Obama supporters were walking around shouting "Obama" and then passed a group of white men outside who made threatening and racist remarks, said Emmanuel Orupabo, Arlington senior. According to Orupabo, one the men told the group, "Any (expletive) who walks by Penland, we're going to kick their (expletive), we're going to jump him." Orupabu and the people with him stopped and responded, "Excuse me?" The groups shouted at each other until police showed up. Doak said the police didn't witness any racist remarks, but they were told of them. There were only about 10 to 15 people involved, he said, but there appeared to be more because so many stopped to watch.

Looks like the fuse lit by McCain and Palin isn't going out so readily.