[redrooster]

Consider organizing the club first if you already have interest generated. You'll have plenty to do between now and break just signing up members and getting bylaws, etc written.
Express your desires to the members to find a "Club Vehicle" with the goal of having one by the time you return from summer break. If you are lucky, you can come up with a vehicle to build as well as others for parts. You never know, some kid may have an uncle with a couple of old Jeeps sitting out on the farm somewhere.
Let us know what kind of vehicle you come up with. I have cleared out my excess inventory of parts, but there may be some Jeepz peepz with extras lying around.
Question: How will the university support the club, financially or with facilities to work on the project or what?