Freehand, an advertising firm, gives away free notebook paper (with advertisements on the top) to students walking around campuses. The idea is that the student sits in class taking notes on the paper and the advertiser’s message gets burned into the student’s memory. Good idea? Check out their website and some samples. (hat tip: Springwise).
When I attended U of M, a younger guy in my frat started an ad firm called potty ads that placed ads in bathrooms at bars and restaurants. He sold it a year or two after graduation.