Your post sounds a lot like "I just graduated and I expect to be doing cool stuff and getting paid the big bucks, but I'm in an entry level position doing crap work." The good news is that you've finally reached the summit of the education mountain after a long climb. The bad news is that you've just reached the base of a new mountain, the "employment" one.
You might be in The Valley where every CS grad has a slightly better chance of becoming a millionaire, but in general the response to your inquiry would be this:
Welcome to the real world.
That said, however, entry level jobs will start to shape your career, so you should make sure you are on the path you want to be on. There are certainly entry-level jobs where you would be doing more than what you are now, and you should probably seek them out.
One thing that is telling here is that you are working for your university, which tells me that you went for the easy-to-get job instead of putting yourself out there. You're going to need to take some more risks if you want to get the good opportunities and the good payoffs. You're also still living at home, which gives you the mental cushion that if you fail you won't be hurt /too/ bad, but it also removes some of the incentive to push yourself towards self-sufficiency.
As far as the situation you're in right now, update your resume and look for something while you still have this job. Do NOT quit until you have a new one. The economy is the worst it's been in a long time, and while you may think "there's no reason I can't find a job in a relatively short amount of time", you are wrong. That's the hubris of a recent grad who hasn't faced the real world yet talking. If you really could get a job so easily, why haven't you? (And if you could, just do it already) You work in a university which is probably the most relaxed work environment you could have, so performing a job search while in this job should be extremely easy.
The only action that would be helpful and also counter to this advice is if you were able to land an internship (paid or unpaid) at a startup in the space you definitely want to be in. In that case the support of living at home will help you, as long as you have a plan to work your ass off and get really good at whatever you want to be doing.