Depending on the web infrastructure and tools available to you, you may want to focus on:
Making your print publication more online friendly
making your current website more online friendly
exploring online options beyond your uni website
Make your print publication more online friendly
publish & promote contact details including email addresses in the print version
Ensure that the relevent people have access to that email to read and respond
Maybe one generic email for news tips - which will be seen by or circulated to the whole news team.
Have a visible presence on online communities where your readers are (ie Facebook, MySpace, Twitter). A place to share your news stories (here's a taste of what's in the mag this month) and for readers to send you feedback and news leads.
What's a short term solution to get us online?
University websites move as slowly as glaciers.
Establish online communities outside the university to be able to do things quickly and to keep control yourself
Ning is a very easy way to set up an online community - it can be private (for your editorial team) or public (for all students of your uni)
A Facebook group or page is another option - and lots of students are already on there.
Companies like YouTube (owned by Google) who host the data can decide to censor it ie if someone claims it is offensive. Try googling "YouTube censorship" or "LiveJournal breastfeeding"
These companies doesn't need to announce when they remove material or why
If you publish politically sensitive material, you may want to consider hosting it yourself where you can control it.