This starts just after the beginning. The transcript starts at the actual start, along with the rest of the sound clip as you will hear it:
Elizabeth: “Well, pledge Tsai, are you ready for your initiation into the Alpha Alpha Chapter” (reading from the paddle) “of Delta Epsilon Omega?”
Tsai: “I am” (firmly)
Whack. Silence, then “Ahh … oooh . . . mmmm . . .”
Elizabeth: “I think the standard initiation is 110 strokes?
Tsai: “That’s right, sister.”
Elizabeth: “Or until your big sister’s arm goes out, whichever comes first.”
Tsai: “Or until she comes.” (Hopefully)
Elizabeth: “Ohhh . . . I wonder how long it would take me to do this before that happened.” . . . (Brightly) “Let’s find out!
Whack “Ah”
Whack “Ah ah ah “
Whack “Oh no no no!”
Elizabeth: “I’m not even close. Let me check.” (the briefest of pauses)
Elizabeth: “No, not even wet yet.”
Tsai: “You could play with yourself at the same time. That would help it along a lot.”
Elizabeth: “Oh! But that would be too easy!”
Tsai: “Well then don’t play with yourself very much.”
WHACK!
Elizabeth: “You telling me what to do?”
Tsai: (Hurriedly) “Not at all”
Elizabeth: (Laughs)
Tsai: “Never!”
Elizabeth: “Didn’t think so.”
WHACK!!