Sounds like a great night and fun way to raise money. I've heard student versus faculty events can also be pretty entertaining! Thanks for sharing your idea.
Our school just hosted our 2nd annual parents vs students basketball game. We sold concessions, had a raffle, played additional games (between quarters), and had a "globtrotters" type game. It was a great time and we donated all funds to feed my starving children. It was a great night and we raised almost $600 that we donated.