the Pikes at my school had a Pike princess competition-- each sorority nominated 2 ppl...they put out cups with the pictures in front of the cafeteria they only did it for one day, and then they grilled out that night, and raised more there. They raised close to $200 (which doesn't seem like much, but it is a small school, and only 4 sororities...so that really is pretty much. Anyway, I think it works pretty well b/c all the girls want one of their girls to get it...
p.s. I lost by 30 cents...