That's what I love about this site...Everyone's eager to spend someone else's money without much consideration to the bigger picture. Hey, DK89, do you really trust that type of advice?
If the money is burning a hole in your pocket, I'd recommend a turntable before a new receiver. Why? Well, wherever you go to college, I'll almost guarantee there will be a very cool record shop / used book store with stuff you won't be able to find on any other format than vinyl. You'll want that stuff. I lusted over vinyl during my college years with never the coin for a table (anyone heard of Vintage Vinyl in Evanston, Illinois?).
Also, there is a very good chance that your hardware will be damaged before you graduate from college. Be it from playing really bad music way too loud, a misplaced beverage, a football thrown to someone who isn't looking, or whatever. If you have too much coin in a system while at school, you may become paranoid about anyone touchin' your stuff (and trust me, when you're not around, it will be getting used). If it's too good, you may find it missing.
Change your priorities. The next few years will be about the music, not the equipment. Build your collection and never let it go.
As I wrote to the A5, "Every time I put on a CD or record, I'm not just taking in what the artist is trying to convey, but recalling the days gone by when this music made my life just a little bit better. Memories may fade for some, but my enduring music collection keeps them alive. It is this emotional connection to the *source material* that fuels my desire for the best reproduction technology I *care* (note the choice of words) to afford. Without the passion for the music, hardware is nothing more than a depreciating asset that takes up space and pisses off my wife."
Focus on the music, my friend. Not the hardware. There is plenty of time (and money) for that in the future. If you don't focus on the music now, you won't have the need for the hardware. $500 will buy you a lot of software.
Just so you know I bought my first receiver when I was 17. It was an Onkyo TX-820. It was basically on and playing my entire senior year of high school. I used it in my dorm my freshman and sophomore year. I lent it to my best friend my junior year (while I lived in my fraternity) and got it back for my senior year. I used it for the first 5 years after college, too. It took a 2-year vacation while I upgraded, but made a strong comeback after the birth of my son when it was placed (with a new pair of B&W DM302s) in his room where it has been (literally) powered up and playing music for the past 3 1/2 years - continuously. Dont dismiss the Onkyo so quickly. Youll be surprised to hear how many people have a similar story to tell about their Onkyo.
Just my advice...As always, take it or leave it.