One fraternity at our school did a raffle for a DVD player. They're in MGC with us and the MGC orgs tend to be much smaller in number than the other GLO's at Penn State. This fraternity sold raffle tickets in the HUB. They did really well with it, raising over $1000. The only thing with raffles is that you need to check with your school if you can do it, and if you're allowed to do a raffle, there may be a bit of paperwork to fill out.
My sorority sold candy grams in the HUB during the week leading up to Valentine's Day. One of our girls made roses kinda like these
but she used pink tulle ribbon instead of an opaque ribbon. Then she covered each rose with a plastic bag and gold twist tie.
We sold the roses for $1 each. We also had mugs filled with candy and wrapped in clear cellophane that was tied with red and pink ribbons. We sold those for $5 each. We also sold cute takeout boxes (from Micheal's Arts and Crafts)
filled with candy and wrapped with cellophane and tied with red and pink ribbons. We sold those for $3 each. Students could either buy one and take it then and there, or we could deliver it if the recipient lived on campus (they had to fill out a gift tag with the name of the sender, the name of the recipient, and the recipient's dorm room address). On the night before Valentine's Day, we took the candy grams to the commons buildings and asked the person at the commons desk to put the candy grams in people's mailboxes for us. Maybe, you could do something like this in conjunction with the care packages at the beginning of the school year. Just use your school colors rather than pink and red. Since it's only $3 or $5 and you'd be selling in the student union or some other populated area, you could probably get a lot of returning students (i.e. upperclassmen) buying them for their friends on impulse.