well yea like Peter_b said , do a demod , you need to show your work ,having a degree with nothing to show will not impress them , 3d models , game levels, mods , game art, programming work, throw it all together and make it professsionl as its the first and most important thing they want to see.
a good way to get some stuff to show , and also see what its like working in a team are all the competitions there are, everything from xna to dare , and there are lots more out there. they are a great thing to do and fun when in college as you can play around with your own ideas and ip’s , something you most likely will not get to do in the industry till you have been working there for a long time.