After doing a series of shows very similar to Password for Millersville University, I have one piece of advice:
Keep It Simple.
In the back of your head, keep that in mind all the time. The more complicated any element of shoestring-budget college television is, the worse it could turn out.
Now for the fun stuff I did!
I have a Powerbook, which I rigged up to use as a bonus round clock by finding an eggcrate font, typing in yellow, and making 60-some slides as a Powerpoint presentation to advance one second at a time. I had my director zoom in enough that no one could tell it was a Powerbook screen (LCD, no phase lines). It was very fun. I found myself just playing with it in class, changing the fonts to vein fonts, et cetera. Our computer lab had a bunch of Power Mac G4s with large flatscreen monitors, which would be just as effective or better, but they had alarms on them. I have this clock if anyone wants it - just email me at games at mitchgroff dot com.
For the words for Password, I created a CG that looked a lot like the Password Plus word block. I had wanted to set up two computers with flatscreen monitors for score displays, but this was too complicated (no one has two of the same monitor, and like I said, the monitors were under lockdown) so I had a guy who was very quick on our antiquated CG to change scores between words. When it worked, it worked very well.
I made a CD of downloaded Password sounds to use as sound effects. This did not work well, and won't work well unless you have someone dedicated to the CD player only and not messing with levels and whatnot. And the sound person must understand outright what cues you want to use in what situtation. Don't set a kid up on audio who's an idiot - this might be the most second most important job in the show. If your school has a hard disk sound system, congratulations. iTunes would work well too if it's hooked into your system. Even a CD player with 20 buttons that advanced to tracks 1-20 with a touch of the button didn't work because there was always about a half second delay.
All I know is that it was a lot of work. I produced, hosted, found contestants, wrote the words, put the words on cards...fun, but tiring. I had a lot of help, but no one had seen Password, so I couldn't tell them to "go write words." Hopefully anyone who tries this has a great bunch of willing kids to help.