Confer with your roommate. Do not overlook this crucial step in college room design -- if you will be living with one or more people get their input on how they'd like the room structured. Allow each person to have an equal amount of space in which to put her things. You may not be able to divide the room right down the middle, but if one person gets the closet, for instance, for their clothes, the other could have the dresser. Making compromises such as these will result in the entire year being easier for both of you.
Dedicate the space to different purposes. Dorm rooms often must serve several functions -- they are spaces for eating, sleeping, studying and even romance. Think of your one room as many separate spaces -- dedicate a "kitchen" area (with a microwave or mini-fridge, if your school allows them), a "study" area (often by a desk or table) and similar spaces. Keep items for each space in their distinct locations: for example, avoid having books littered all around the room by placing them only in your study area.
Get creative. Liven up your dorm room by adding fun and innovative personal touches. Use funky curtains to both express your personality and keep out annoying early-morning sunlight. Put mirrors on the walls not only to check your look, but also to create the illusion of more space. Finally, try decorating with light colors, which will make the room appear larger than it really is.