The white youth of today have begun to react to the fact that the ''American Way of Life'' is a fossil of history. What do they care if their old baldheaded and crew-cut elders don't dig their caveman mops? They couldn't care less about the old, stiff-assed honkies who don't like their new dances: Frog, Monkey, Jerk, Swim, Watusi. All they know is that it feels good to swing to way-out body-rhythms instead of dragging across the dance floor like zombies to the dead beat of mind-smothered Mickey Mouse music. Eldridge Cleaver