If you're working on a basic project for school and need a modern electronics project, get wired. Create a project where you automate all or part of your home. According to Popular Mechanics, as of 2007, you could purchase and install the basic components to begin automating your home, such as elements to automate your light fixtures, for under $100. You'll also need a dedicated hard drive or computer control center that won't go to sleep from which to run your system and software to automate it all. You can purchase software, or use an open-source program, like MisterHouse, to get everything working together.
If you're looking for something a little more advanced than light fixtures, create a specific program. Automate energy components, such as the thermostat and heater, in your home to run more efficiently. Run the wiring to automate a variety of items in a specific room in your house, such as a home theater room. Automate the lights to dim and the television and DVD player to turn on for movie watching. Write up the project. Then, make a video of the completed room's automation in action. If you're really industrious, program the system to respond to a voice command, such as "movie."
For a creative take, create something new. Although the idea and practice of home automation and smart homes have been around for a while, most home's still aren't automated or smart. It's a growing field, and consumers are becoming more and more interested. Applications for cell phones and other devices that interact with one of the home's electronic systems, such as a security system, already exist. Create a program or application for the iPhone or a smart phone to interact with your smart home system through a wireless connection. Give your home a voice, so it can tell you things like when the mail has arrived or the window has been broken.