leatherman (that's like a swiss army knive with plyers and screwdrivers and whatnot),
a broom,
a 3 hole-punch
PAPER!!
you can pick up shotglasses at school. i bet they sell them in the student store as novelties w/ the school emblem and such. the one we have around here is from Cal Berkley
as for knives being expensive, they can be, but nothing can really top having the right tool around when you're trying to ut together that new bookshelf you picked up cheap at target or whatever. believe me, definately worth dropping a few bucks on something with a screwdriver set, some needlenose plyers, and maybe even a small hammer.
ooooh... DUCT TAPE! don't leave home w/o it!