Hang almost anything with 3M Command Strips. Available at hardware stores, Command Strips allow you to hang room decorations without using nails or tacks.
Slap on some groovy vinyl wall decals. Decals don't use nails and come in a huge selection of funky designs to mod up that dorm room.
Make wall hangings from cool fabrics. Fabrics come in a variety of designs that make instant wall art for dorm rooms.
Make a statement with your bedding. The bed is the largest item in a dorm room, which makes it the single best way to make a dorm room luxurious. Find luxurious bedding and pillows that make a statement about who you are.
Get bed risers. In order to make that dorm look luxurious, you need to make extra storage space. Bed risers lift a bed off the floor six or more inches, creating a large amount of needed storage space.
Buy a Memory Foam Mattress Topper. A mattress topper can make any dorm room bed feel luxurious to sleep on.
Add your own sound track. No dorm room would be complete without a sound system. Portable iPod speakers can be used in the dorm and can also run on batteries to be portable.
Get a Mini-Mantle. This gadget is indispensable for those assigned to the top bunk, providing shelf space that attaches to almost any bed post.
Decorate the floor with a colorful area rug. Continue the theme you started with your bedding and wall decor with a rug that uses the same colors and design theme.