Along the same lines as what you're suggesting, and a better idea, imo, than the Million Pixel Home Page*
Similar to the sports car raffles that you see in airports, a family in Swindon raffled their 4-bed house a few years ago. They sold raffle tickets for £1 p/ticket, and agreed to hold the draw once 250,000 tickets had been sold. At the time, the house was worth £180,000 so it was a nice little earner for them and someone presumably got a bargain.
Linky
I don't know if you've got a 4-bed house that you're prepared to offload, but if not, there's nothing to stop you doing this albeit on a smaller scale. Buy a laptop for £500 on your credit card and then go around your university flogging 1,000 raffle tickets at £1 each. I'm sure there'll be people prepared to risk it.
And if you do it and it works out, then you owe me a beer, mmmkay?
*I never understood the attraction of the Million Pixel Home Page - why would people purposely visit a website that offers nothing but adverts? I don't mind adverts that are used to subsidise the cost of providing something that interests me, but I can't see the point in going to a webpage that only shows adverts.