We've used four different approaches:
So in the end, we realized that... students first go to their profs for help, and the profs do what they can to help.
Most of the University of Waterloo's students are actually required to complete 5~6 internships before they graduate, so their recruitment system is quite well established. Bonus points for students with existing industry experience. As a student there, I'm noticing that recently there has been an influx of startup companies looking for interns.
Here in Austin the University of Texas and St Edward's University make it pretty easy to find students interested in being interns.
We've also had surprisingly great results in obtaining interns from a local high school that caters to gifted and talented students.
Just crossed my mind -- since most college students have a Facebook account, why not just start there? Announce it on your profile, join related groups, create a page, etc.
I think you might be overestimating the amount of time investment college recruiting can be. You can get by decently with little investment (obviously, if you put in more time you'll get better results though.) If you can write up a couple paragraphs about your company (make it sound good to a college kid), the college career center will generally have a way for them to submit resumes to you through their web portal. You don't have to throw an Info Session or attend a Career Fair (although it'd be a good idea) - and then take an afternoon to interview 5-10 kids for an internship.
Personally I would never hire anyone from craigslist. The university is your best bet with out a doubt. Most universitys have a email list of students and you can send out a job opening through that, put the due date soon if you need a quick hire. Students are always looking for a good internship, you will be able to get someone eager to help.