THE HASTY PUDDING Theatrical's selection of Sylvester Stallone as its Man of the Year hit Harvard like a bomb. Many have wondered what could have possessed these thespian dragsters to select a man with the social graces of Moamar Khadafy, the artistic integrity of Joan Collins, and the raw acting talent of Abu Nidal.

Perhaps the Theatricals wanted to prove that today's liberated man can wear high heels on stage and win the Vietnam war on film. Perhaps a large caliber handgun was applied to certain key foreheads. Perhaps the Pudding actually wanted to get Rodney Dangerfield but the invitation was delivered to the wrong address. Perhaps huge sums of money changed hands via numbered bank accounts in Bermuda. Perhaps the insanity defense is applicable. Who knows?

If Stallone were an entertainment giant with some flaky political views, a sort of right-wing Vanessa Redgrave, then the Theatricals might have some sort of defense. They are handing out an entertainment award, not the Nobel Peace Prize. But Stallone's last two films were cynically obvious attempts to milk every last dollar out of old wounds and reflexive aggression. The politics of Rocky IV and Rambo were essential to their demagogic appeal.

Excessive attention to Stallone's political messages would be off the mark. Stallone can be tried on his artistic merits. Evidently the Pudding Theatricals feels that Stallone truly represents the organization's ideals and efforts, and they should know. After all, the Pudding has 137 shows under its belt, while Stallone has only managed four Rocky films. It's a bit of pity, though, that the 138th Pudding show might become a casualty of friendly fire before the public gets a shot at it.