My undergrad would just throttle/packetshape torrents/p2p/IRC-dcc/etc so it would move at 1~2kbps. My grad school would ban your MAC address if you had any torrents running (I found that out the hard way when I got banned for DemocracyNow/Miro video player, which I didn't realize, used torrents as its backend transfer protocol).
Somehow 1-2 months later I got a request from my college's computer center to make some changes in the college intranet landing page. Then I became good friends with them. and later I got an account from them, where everything was open. I was a good time ;)
Hmm but doing that in a 7 person startup, and then repeating the offense, and then failing to come clean !! seriously man..