It's not for college, but I save everything I do in a file. Every 2 - 3 months I go back and pick out the 4 - 5 best projects I've worked on (in terms of the materials I have, not how the event went) and put those into a
binder I show clients. I also have a
visualizer of some past events, with a cuelist set up, then I have a video of that same event showing how the
visualizer and the event actually looked together.
With digital video cameras, editing software, and dvd burners so cheap, it's economical to put together your own reel. Tape the shows, copy that to your computer, edit it with some cheap/free software, burn it to dvd. Tedious, but a necessary evil any more.