I typically choose a picture of myself with friends. I don't typically just have a picture of me by myself. Typically these pictures of me with friends are when we are at a party or a bar, but never one that would be considered out of control or way too inappropriate.
On occasion I will throw a picture on Facebook as my profile picture that is ridiculous and is of me doing something really funny or really stupid. But typically they don't last too long on Facebook for me because I don't need everyone knowing about my life.
I think it's sad when girls put revealing pictures of themselves that is just way too much skin and I think it's sad when guys put up pictures of themselves blacked out. We've all been there, but no need to make that as your profile picture, do you really want that as your first impression from someone who comes to your facebook page? I wouldn't.