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here's something else my literary magazine did: get together bands from the school and/or community, record a song or two from each (you can rent some equipment and record pretty much anywhere, there might even be a place on your campus where you can borrow equipment for free), and there are places that will burn a master cd into however many copies you want, then just sell the cd for like $8 or whatever amount you figure out.
it's fun, but it kind of depends on how many copies of the cd you make and you campus communities interest in music as to the profit you will make.
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