IANAL, but IMO all risk to yourself is directly proportional to the amount of risk your actions place the college in.

Transmitting it over their network, storing it on their machines, and displaying it on their A/V systems are all things that could get the college, and therefore you, in trouble. Storing/watching it on your own personal equipment in private? No risk to them, so low risk for you.

Also, if for whatever reason you do get your laptop searched, practice these words: "How'd that get on there?" You can practice emphasizing different words, such as "How'd THAT get on there?" or "How that GET on there?", etc. Also mention you frequently lend your laptop to your cousin Reggie who is just a shady character who always gets viruses on your machine. In other words, your college isn't the cops: Lie.