Already been done. Somewhat succesful (Score 1)

At my highschool my friends and I run the tech department. We set up the network all around the school and are responsible for maintaining every computer in the school. With that freedom comes the power to do basically whatever we want. Some of the students at lunch have a LAN party set up and charge 1 dollar for 1 hour of CS:S, Unreal, BF1942, Warcraft, etc...
Overall I'd say its pretty successful. One year they raised enough to buy cheap video cards for all the computers.