Ah, the HT bug. Once it bites, there's no going back. My first college system consisted of a Kenwood Pro Logic receiver and a Mitsubishi 4-head hi-fi VCR. The speakers were a mix of radio shack, Infinity and an Onkyo sub. But I digress...

While you're in college there is one fundamental thing you absolutely need to keep in mind when starting/building your system - the parties. Nothing is more frustrating than some unknown, drunk party dweller who thinks he knows your equipment better than you and decides to up the bass level or tweak your settings. Worse yet, unappreciative guests who think your equipment makes a great beer coaster. For now, follow a budget and don't get too attached to your equipment. In my humble opinion, based on experience mind you, I would go for gear that is simply "good enough" to meet your basic needs: it plays loud and annoys the neighbors. I shudder at the idea of a 1070 or, worse yet, a 990 stack meeting an early demise due to a poorly placed cup of Meister Brau.

Check e-bay for giggles. You'd be surprised what people sell and for how little you can get it. Some old school Paradigm 7se towers will put you back about $150, I've even seen some Magnepan's and B&W's in there for decent prices.

I also concur with MeanGene - go with the speakers first, then components and then finish with a receiver.

Lastly, a tip. I had a Costco membership in college. While Costco isn't exactly a high-class home theater boutique, they do sell some fairly decent equipment for the money. Plus (and this is the main reason I mention Costco), Costco's return policy is bulletproof. If you decide to upgrade, you can return the oldest piece of equipment, no questions asked, and get your money back to put towards an upgrade later - I know this because I did it with my first two big screens.

Have fun with it and welcome to the fold!