A few months ago I came across a company called FantasyCongress.com. They have taken the idea of fantasy sports and applied it to politics. Looks pretty cool. It turns out, the founders came up with the idea when they were in school at Claremont McKenna College in California studying politics. From their site,
Andrew was obsessed with politics and thought that people could play some kind of “Fantasy Congress” to compete with colleagues and friends, populating their teams with real Senators and Representatives. Combining this premise with the strategy of line-up substitutions and trades, Andrew envisioned a game of knowledge and skill that anyone could play while also participating in national politics.
Andrew Lee (referenced above) and a team from CMC have been working on this project/venture since 2006 and are now located in DC. They have mini-games and two major games out; Fantasy Congress and KingMaker (a presidential election game in partnership with Politico.com).
Campus Entrepreneurship 
Did they take the site down? In wikipedia it is listed as down.