$1000 isn't worth investing in much - stocks will eat you alive (fee-wise), especially if you are looking to keep it liquid.
Tax-free saving accounts are good, but lock your money away - and will definately not pay $10 an hour.
I'd definately look at using it to pay off any outstanding credit you owe, and if there's any left over and you want to make it grow you could try one of the following:
1) Buy an beat-up old almost-classic car (with the intention of doing it up) Time, patience, care and attention will reward you with enjoyment, focus and hopefully a reasonable financial return
2) Take a course in some kind of aroma-new-age-spritual-massage-therapy - a great way to meet hot girls, and it will give you an easy and (potentially) enjoyable income for the rest of your college years
3) Take it to vegas and put it on Red - if you're lucky you're lucky, if not you're not - might as well have some fun while you're finding out eh?
4) Whatever you do, don't spend it on crap you don't need. Tv's, electronics, computer software of ANY kind, it's all crap, and worthless in the end.
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