If anyone is interested in watching this project unfold, we are currently using a wiki to collaborate. You can look, but you can't touch (unless you have one of the double-super-secret password-encryption rings that my class and I forged during the last new moon). This isn't the most robust wiki platform in the world (no history of documents, for example) but it seems to get the job done.
http://en4090psuadvancedtechcomm.pbwiki.com/
I don't know if the University has a copy of Microsoft SharePoint in-house, but if they do I'd look into getting a SharePoint account. It is an extremely simple CMS/project dashboard. It provides tools such as announcements, events, document librarys with version history, comment boards, contact lists, etc..... We're using SharePoint at work as a "lite" CMS for our individual teams.
http://office.microsoft.com/en-us/FX010909721033.aspx