I'd get the lump sum. Then I'd start up my own pr0n website and go around campus asking chicks if they wanna do shoots for my site. Of course I'd have to buy a totally awesomely powerful server to run the totally awesome site off of. And umm... it would be the most totally awesome pr0n site ever! Because none of the models would get nekkid until the very last picture of the shoot! Heh. See, I'd be making a killing just off the website. Of course, I'd have to buy myself a nice house. Actually, I think I'd just buy a big plot of land and build a normal house (three to four bedrooms) in the center of it, and have half of it paved so I can drive my F1 around like a maniac in my own property. Also handy for when the kids (someday, if I ever have any) want to learn to drive, they can just drive around on the private property (but not in my McLaren of course, they can have the Skyline GT-R 35 for that)
The other half of the land would be one big playground/backyard/garden for the whole family.