Advice

Start early ... it actually helps. Use your summer wisely
If you measure something, save a picture. For your Report and Presentation!
Matlab has a great export tool, with settings to export presentation quality figures, use it!
Make and keep many working copies of your project
Focus on you specifications initially
Just because you spent all night in Barrows doesn't mean you are working hard. (Cough .. Rigel .. Cough)
Just try SOMETHING!
Don't be afraid to ask for help
Order extra parts, you'll need them and the shipping is a pain.
The quicker you want a part the more the shipping will cost. Its not a linear relation, its exponential!
Start with small PCBs. PCB fab houses charge based on surface area.
Having small component PCBs protects you if mistakes are made.
OSHpark is a great fab for small quantity orders. (< 15 boards)
PCBCart is also a great fab, but for larger quantity orders > 15 boards. Compare the costs. The stencils are useless.
Use Google Docs for everything except your final report. We created a shared folder with all of the documents generated along the way.
If you are interested in PCB design get a copy of Altium Designer and learn to use it well. Its the gold standard in the prototyping/layout field. (Umaine has licences, just ask).
When you are putting together your presentation make sure the text is large enough to be read from the back of Hill Auditorium
Use Prezi for your presentation. It has a great multi-present feature that lets you watch as one presents. Use a wireless keyboard then you and your partner can see and advance the presentation.
Learn to use the search interfaces on Digikey and Mouser's sites. Its easy to get turned around.
Read the datasheets. They usually contain all of the answers you need and hints, buried in wordiness verbosity!
Find relevant app notes for parts to learn how to properly use them
Learn how to use test equipment!
Why is it that some function generators output an amplitude double what you ask for?
The ground on your scope probe is usually connected to Earth Ground so be careful when measuring 120VAC power circuits.
Avoid power projects.
Become a computer engineer :)
Your priorities should be:

Work Hard
Learn Lots
Sleep & Eat