Yay for Illinois State! In addition to "I Screwed Up", my friend Vicki is a student there and calls it "Is U Normal".
I once heard someone refer to FSU as F$U on a message board (not a 'Noles fan). I laugh, but only because my best friend goes there and she gives me a hard time about Nebraska losing lately.
From back home we had William Rainey Harper Community College, which was always refered to as Harper. Nicknames included:
Harper High
USP (University of Southern Palatine)
We had a great little cheer for it too:
Harper Harper here we go!
All you need's a one point oh!
While it is supposedly a wonderful community college, it gets a bad rep because they take everyone (as I'm sure most community colleges do, and it's not a bad thing) and most people just don't take it seriously. I know some smart kids who went there because they didn't have the money to even go to a state college or just plain didn't know what they wanted to do yet.