Use zipcar. Worried about getting to the grocery store? Check out zipcar.com. Zipcar rent cars complete with insurance for less than $10 an hour. Zipcar is becoming more popular among college campuses because universities find that they help reduce traffic and free up parking spaces. Oh, and your hourly fee includes GAS.
Walk. This is a very underrated activity. Help kick, the Freshman 15 and get the heart pumping before class. It's a lot easier to stay awake in class after a good walk.
Use public transportation. Most cities offer student discounts for monthly passes. This can save a couple of hundred dollars from parking on campus.
Hitch a ride. From road trips to movies in town, a car full of college student is an easy and fun way to get by wtihout having a car.
Get creative and try a scooter, bike, or even rollerblades. Or maybe try unicycling. Even if that may be a little too extreme, one great thing about college is that you can get away with that sort of thing. And it's very cheap too.