How about chocolate graduation hats? You can do the icing and hats in the schools colors...
Deb
Have you seen cali4dawn's tutorial on cupcake cakes? We were just recently talking about these and I know there is a link to her tutorial on this sit but I have to admit I don't know how to put it on here. Try searching for cupcake cakes. I'm trying my first one tonight w/ a buttercream transfer on top, I'm keeping my fingers crossed 
Here's the tutorial on Dawn's site:
http://community.webshots.com/album/105830324epGFhn
montanakate- it's really easy to put a url (website address) into a post. Just copy and paste the address line into the post and cakecentral will automatically put it up as a clickable link. Extremely easy! 
You can also think in terms of the school's colors and mascots. A big 2005 should be prominent also.
This is not a cupcake cake... and I'm dying for a chance to do this idea (from the PP Board):
http://members.nuvox.net/~zt.proicer/cakepict/grad.htm
I love how it shows the different stages of the graduates life.
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