Hmm.. this is an interesting blog topic, mainly because I've never really thought about it before. I'm unsure if this would be a good idea or not. KDUK 104.7 has a pretty wide following for the pop scene, and of course we have KRKT 99.9 that covers the area's country music needs. I think the only way this would be a feasible option is if they were able to come up with a truly unique station that isn't offered around here. For instance, we don't have any good hip-hop/rap stations around here! If a group was to start up a radio show, I think using a more hip-hop strong playlist and possibly bringing in college aged kids to do interviews on pertinent issues in our areas would also be a positive.
In order to start up a radio station, obviously the biggest goal would be to get advertisers to jump on board. I believe that's how most radio stations gain their funding; they'll get big name sponsors and also get paid to run advertisements on their station. A college aged radio station would benefit from getting sponsors from local coffee shops/restaurants, and maybe partnering with those who sell concert tickets (you could do giveaways, which would make people listen in.)