Be wary of trademark infringement/dilution issues with "Girls Gone Wild" ... if you intend to use it as you described, this *may* be of minimal threat, but that depends in large part on how legally aggressive the "Girls Gone Wild" mark owner is ...
A more immediate threat may be litigation, especially from parents of students affected by the pranks; do you have lots of time/money to deal with such hassles ...?
Another aspect to consider is dealing with the authorities - you can bet you'll be subpoenaed / questioned a lot ... are you prepared for to handle the "heat" so to speak ... not just authorities, but publicity in general - think employer, clients, friends, etc.
And finally, who would advertise on such a site? Adsense, Overture, etc are stricter than ever which further limits options.
Enough of the negatives ... ok, you really want to develop it ... zap on over to Ogrish.com, Rotton.com, etc for ideas; perhaps ask on GFY (do a google for the website address).
Oh yes, the appraisal ... $XX tops as of now. If you can build traffic, even a little, then $XXX is very realistic; is an easy to remember domain name.
Ron