There is a group within the Iowa State Space Society called CySLI, which is a small club that participates in NASA's University Student Launch Initiative (USLI, I call it "Oozli," but I think I'm the only one). I think that this will be one of the coolest activities I will be participating in this year. Basically, USLI is a contest in which Universities design and build both a scientific payload and the launch vehicle to carry it to as close to one mile as possible. So far we've been talking about what kind of payload we want to design. One option we've been talking about is having a nose-mounted escape pod with a method of controlling the decent, and a live video feed from an onboard camera.
Here's a video about USLI:
(Iowa State's rocket is the big black one with the orange nose cone).
NASA Student Launch Projects Video