Biggity-freaking-booyeah!!!!!

Fair Use Guidelines for Educational Multimedia (site)

(Section 2)
Students may incorporate portions of lawfully acquired copyrighted works when producing their own educational multimedia projects for a specific course.

and

Students may perform and display their own educational multimedia projects created under Section 2 of these guidelines for educational uses in the course for which they were created and may use them in their own portfolios as examples of their academic work for later personal uses such as job and graduate school interviews.

That would be a green light for Mad.

I say, my faith in the world is restored.