Weighing in on on the appropriate level of insanity, I think that part of it stems from the 24-7-365 coverage of recruiting. Urban's a great recruiter to be sure, but I also suspect that OSU's recruits get a bit inflated in their ratings because they're OSU recruits and that some of our fans overestimate our talent edge. Yes, Ohio State of late generally has more talent than all but a handful of teams nationally, but with respect to teams like PSU, UM, MSU, and Wiscy, it's typically a fairly modest gap and not the NFL vs. high school gap that some fans seem to think it is. This is especially true when the typical OSU recruit can't easily play the "no respect" card that some kids, like Ohio kids who OSU didn't offer who are playing for other BIG teams, use as motivation, when OSU always has the target on its back more so than lesser programs, and when OSU often has less experience than other teams due to more early departures. Sometimes, I wish our fan base would just give credit to the other team for showing up and also having good players and coaches, at least for the given day in which things went wrong.
As for me, during a game I can get insane, but much less so if OSU is just getting beat than when they're beating themselves with stupidity, undisciplined play, or inexplicable play calling. With respect to the rare inexplicable total shit show like the Iowa game, I just go into "OK we've got that crap out of our system for another decade or two" mode and shrug it off.
I mean, if winning the BIG, beating scUM yet again, and having a shot to go 12-2 with a win over USC is something to be really down about, I'm not living life right. Several members of my wife's family are long time Colorado season ticket holders and they bitch less, with much more cause for bitching, than the average OSU fan.