Honestly, the best way to get a "work from home" job is to quit looking at jobs that want a presence.
Which brings us back to the original question: How can someone who recently graduated from university find a job that doesn't require a presence?
By having a linkedin profile first and foremost, and then going to dice and careers.stackoverflow.com and search for jobs with telecommuting as an option. I shit you not, the jobs are there. Perhaps they are not the most numerous of all, but if you, the generic you, spent an hour every day perusing through those job openings, you will have about a half a dozen decent leads.
Then you look at those jobs, and you look at those requirements. Then you ask yourself, am I a match? If so, then apply. Rinse and repeat until that shit delivers what you want.
If you are not a match, then get a job that requires a presence that can lead you to acquire the desired skills. Wait a couple of years acquiring skills, experience and connections, all the while searching for the desired types of jobs until you get a feel for it, a feel of where the industry is headed, which skills are common in telecommuting jobs, etc.
Then, when you are ready, you apply. You search and apply till you get it.
This advise works for anyone, fresh out of college, or veteran from the trenches. It also work for anything other than telecommuting jobs. Define what you want, research and understand what it takes to get what you want, get those things, then go get it.
As far as IT is concerned, the most common types of jobs that are amenable to telecommuting are sysadmin/L3 support/JEE administrator jobs, Dev/Ops and freelancing with Ruby or Python (JEE/C++/C# work is less common in the telecommuting realms.)
And if you have a lot of experience, you can branch into business analysis, architecture or security, which are also open to telecommuting (the more experience you have, the greater the chances.)
Citations: 20 years doing this shit, both in person and telecommuting.