Should work, but you'd also need a mini-displayport to VGA or DVI adapter. Normally I'd recommend getting something from Monoprice, but inexplicably, every MDP cable I've seen from them has this giant block right at the port. On an iMac this is no big deal, but on a MBP, it will block the ethernet port and one of the USB ports. So it really is worth paying the rather exorbitant price for Apple's adapter if we're talking a laptop.
As for the monitor... You're on your own there. There's almost always some kind of market for used computer components on any college campus. Most of them that I've worked at, will actually have periodic sales where they sell off a bunch of stuff they aren't using anymore. They're usually at really odd hours, it's first come, cash only, and all sales final, but you can sometimes find some real steals.
i bought a new macbook pro in august of 2008. it's been a while since the screen cracked and i've been working with a crappy dell. replacing the screen through apple is too expensive (i'm a college student) and i can't afford a whole new mac at the moment.

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