I'm going to include a link to a post by a friend of a friend who is in the theatre biz in San Francisco. He posted this recently to give some insight into the audition process, and the choice of audition material. He wasn't specifically referring to college auditions but the advice is good, regardless.
http://community.livejournal.com/broadway/1869811.html
I don't think that it's a good idea to edit monologues for college auditions, or for auditions in general. If a monologue isn't appropriate in its entirety, the way that it was written for the play, I wouldn't use it. As for profanity, I'm not sure that it's so much a case of NYU caring about it, but more a case of it being distracting to the process. This is obviously just my opinion but I would keep looking if I were you.

What is the monologue, by the way?