Buy BTC that you can afford to lose. Hold them. If you can take a little bit of risk put them into a investment fund.

You? No. 

However my Single will be arriving in ~2 weeks.  How much do you want to spend for one?

Econ 101 

Around 64 days at present.

So they're shipping in two weeks?

Here is a quick comparison of various offerings that DiabloD3 whipped up. You may wish to do some research on each device before potentially getting stuck with something you don't want or like for some reason;

https://bitcointalk.org/index.php?topic=77469.msg887606#msg887606

BFL's mini-rig looks to be the most profitable and efficient of the FPGA options, but hasn't shipped yet. The X6500 is the most efficient, but is a bit expensive per mhash/s so has a longer payback period as well as limited availability. If you get in on the cheap pre-order price, the Enterpoint quads are a good bet, and they should ship within a few weeks, but don't have final software support (yet). The BFL Single is the least efficient outside of GPU mining, but also relatively cheap and fast.

Various ASIC based solutions have not shipped yet, and command a premium because of their novelty and efficiency. Reference Largecoin, and possibly SHAlab.

Since it is a club, go for donations.  If you don't, you will probably only break even.  Try to get anything you can donated that you do not have, PS, MB, CPU, RAM and especially GPU.  Even if you get a crummy video card donated, as long as it is 5830 or better it should be worth it. 

If you have to pay for all of the parts other then what you have listed, you may not make any money at all, or not within half a year or more.

What kind of club? If I could get my robotics team to do that that'd be sweet

If all you are worried about is efficiency, get a pocket-sized TP-link router and use it to mine with FPGA devices. Your best bet at this point is probably the Enterpoint quad boards, if you can get in on a pre-order. Otherwise, you could place a custom bulk order for X6500s. If you have a lot of cash to blow, go with the Ztex quads.

So what are the benefits to FPGA's?

What are FPGAs? I've heard of them but never known what they do

Water cooling is expensive.  If you are willing to spend $$$, go for it.  You have to worry about pump failures, RT monitoring of pressures etc.
Lots of headache, if you ask me.

Better to position the shelf in the coldest room in your house (lots of ground/soil as heat sink) and run duct vents to the outside.
Ideal, natural setup would be a vegetables cellar, like they used to do in the old days.  If you have access to a backhoe....

I think GPU mining is very inefficient way to mine. FPGA is much better.  But if you have your mind set on GPUs, design your setup to
remove the heat.  If you put multiple rigs each consuming 800W, you can add up all the wattage and that will be your heat that you have to worry about.
Not to mention the wiring.  You can probably run 2 rigs on your 15A circuit, with three, you'll be tripping the breaker.

If I were you, I would stay away from GPUs, unless of course you already invested in the hardware.

If I were you, I'd plan for how are you going to remove the heat from the room.

If is one thing to blow a fan on your cards to move air, but when the room gets warmer
the whole cooling setup becomes less effective as ambient temperature raises.

Hint: Don't think A/C is a good idea.  You don't want to use energy to heat air and use energy to cool air.

...multiple times

He's got 2 PSUs on each shelf. One per system.

4 x 5870
8 x 5850
4 x 5830
---------
6.02 GH/s
2.55 kWh