American heart surgeon Dr. Michael DeBakey arrived here tonight at the head of a six-man team of specialists to treat the ailing shah of Iran.

Earlier in the day, Moslem fundamentalist students staged a noisy but peaceful protest against President Anwar Sadat's decision to grant the fallen shah asylum in Egypt.

"The shah is the enemy of his people and the enemy of Islam," shouted one of the demonstrators at Cairo University.

One of the speakers at the rally, Moslem student leader Mahmoud Rawi, declared, "The shah is a dictator, an alcoholic and an adulterer who is not worth a mosquito."

The crowd interrupted speeches with slogans demanding that the shah be expelled.

The protesters numbers about 500 students. Some apparently sympathized with right-wing Moslem groups in Cairo.

Police closed campus gates to prevent the protest from spreading, but did nothing to stop the students from milling about the central square.

In a university with an estimated 100,000 students registered, the protest represented only a handful of the student body. At the same time, it dramatized what is reported to be widespread dissatisfaction at Cairo University about the shah's arrival here and Sadat's public embrace of his guest.

The shah, meanwhile, underwent his thrid day of tests at Military Hospital in the southern Cairo suburb of Maadi, where he occupies a third-floor suite along with his wife, Farah, and a half dozen aides. A 15-man team of Egyptian doctors named by Sadat has been investigating the shah's readiness for an operation to remove his spleen, which is believed affected by cancer.

The Egyptian doctors have proclaimed their readiness to perform the operation. But DeBakey, of Houston, Tex., and his team apparently will have a major role in the shah's treatment.

"The physicians will consult each other and examine him and then make a final decision on the operation," said Robert Armao, a spokesman for the shah and his family. "He needs the operation."

Armao said the shah felt "at home" in Egypt, but had left Panama only because he felt he could not receive adequate medical care there.

"Some Panamanians were very uncooperative," he added.

The shah abruptly flew from Panama during a dispute between DeBakey and his colleagues on one hand and Panamanian authorities on the other over who should perform the operation and where.

Dr. Salah Shahbandar, who heads the Egyptian Cancer Institute, said the spleenectomy required by the shah is a routine operation at Military Hospital. In the shah's weakened condition, however, any surgery is dangerous, he added.

The shah's sickly appearance struck observers here who had seen him during a six-day stay in Upper Egypt immediately after he fled Iran in January 1979. He has lost considerable weight, they said, and his hairline appears to have receded, exposing an expanse of yellow-tinted skin across his forehead. t

With this condition in mind, some students at the university demonstration said Sadat was right in offering hospitality to the sick and homeless shah on the basis of Islamic principles. But for most of them, his taking up residence here ran counter to the Islamic revival they feel was accelerated by Ayatollah Ruhollah Khomeini and his revolution in Iran.

Many Egyptian students, belonging to several fundamentalist groupings on the campus, have sought inspiration in the calls for purification and return to Islamic austerity preached by Khomeini. Egypt's brand of Islam, although profoundly anchored in national life, appears tolerant of the Western influence inherited from strong European presence here over the years.

Many Egyptian women, especially in Cario, dress in Western clothes, and alcoholic beverages are produced here and widely consumed throughout the country. For the students, however, it is Sadat's political orientation toward the West and away from the rest of the Arab world that provides the biggest source of irritation.

In their eyes, the shah is an example of what a national leader should avoid, having earned a reputation for corruption and willingness to abide by a decline in national morals through cooperation with the West and import of Western ways.

"The shah is corrupt and by welcoming him, we are drawing corruption to us," said a student speaker.