Obviously, you can't stop piracy on a college campus. Most companies are well aware of this.
The idea was to deter people, who might otherwise purchase the product, from pirating it. I don't think that worked out to well for the RIAA nor has it appeared to produce positive results.
The new idea is to make it as difficult as possible for the average person to pirate material. A consumer who would be willing to purchase the product generally will if its not absurdly easy to pirate it. Some of us remember when the main sources of pirated material where Newsgroups and IRC. While they are still used today, thanks to things like newzbin, it is much easier to use. But back when it wasn't nearly as easy or quick your average person wouldn't learn how to use IRC just to download the latest boy band CD.
Before Napster (at least that general time frame) you still had rampant piracy but it had a learning curve and it was rather slow (Man, anyone remember week long queues in IRC?) therefore relatively few people (compared to today) pirated copyrighted material. Fast forward to now and a large portion of the younger population does/has pirated material. Its just so damn easy (both in action and in getting away with it) that it is hard to deter people. Hell, its usually quicker and easier to get a song by illegal means then by legal methods.
My point is, there are some people that you can't practically stop and its a waste of time and money to try. However, if you make it as inconvenient as possible you can stop some of the "casual" pirates.
Personally, I believe they would see better results if they spent their money completely revamping their packaging, product and delivery methods. Most people who currently download songs wouldn't mind logging onto a site and paying a buck for a good quality mp3 that they can use how they wish. Unfortunately, by and large, the industry just doesn't get it. Sure, people may try their new site but when the song they actually paid for doesn't work on their mp3 player or they can't burn it onto their new mix CD they simply go back to their P2P program of choice. Not only does P2P usually offer greater convenience it often offers a better product. Using music as an example:
P2P offers almost every song you want in one place. They are usually good quality and you can use it however you please, burn or copy it as many times as you wish, etc.. Even though the industry can spend money combating piracy I believe their dollars would be much better spent in developing a competing product and delivery method. People WILL pay for convenience if the product/packaging/price is reasonable.