This depends on what the work's being done for. If it's for a class or a credit giving research project, the university usually does own the IP in most cases.
However, if it's a side project that's not using any of the university's resources, the university shouldn't have any rights to it.
Basically, the person paying owns the work. If you pay, then you own it.
Most of them exempt things made on your own time.
University of Kentucky claims rights to almost anything (even "drawings") students make while in any of "certain University units" (including the "Computing Center"): http://www.adec.edu/intellectualproperty/uky.html
It's not clear whether a dorm room is one of those "certain University units" or not. I don't think so, but it'd depend on the phrasing of the dorm room mission statement.
These policies are not trivial to sort out...
"We don't have any such policies in place at this time. The university has initiated a faculty interest group which meets regularly to discuss these issues and similiar DL opportunities. Some interesting things are coming out these discussions."
Just a small anecdotal datapoint.