Edirol V-4 video mixer it has a lot of built in effects and can be controlled via midi, so uses it video processor and let PD atomate it.
Next you need a good quality multi-channel audio device. Motu (PC + MAC) makes one, and hammerfall has another (Linux + PC + MAC). I think with the hammerfall you would also need to buy a DAC. On a students budget this could be tough either of those are close to $700.
That's interesting, I hadn't even considered buying external hardware. My college already has the requisite LCD projectors, PAs, screens, etc. including a Motu 2408mk2, which is old, but not unusable. I figure that something as simple as a 100$ Creative Audigy 2 would be enough as it has 5.1 (7.1?) perhaps not.. But with something like the video mixer, since all it needs is midi, I could do audio and control the mixer all on one computer. The thing I would worry about is limitations of the mixer if it is not programmable (I haven't had time to really go over the Edirol's specs in detail yet--it may be programmable).
Thanks for the tips.
-Ian