The Miskatonic Student Union is most certainly still active and going strong.
I've been a member since 1997, and we now have several dozen members. Membership is not limited to UK students (although as a UK Student Organization, voting privledges are only open to UK students). Anybody interested in gaming is welcome to come to our meetings. The annual dues are $5 and first time members must contribute a die (traditionally our membership numbers are determined by rolling the dice of everybody who has ever joined

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Our meetings are at 7:00 PM on Wednsday nights in the Student Organizations Center of the UK Student Center (during the Fall and Spring UK semesters only, first Fall meeting due August 31st). If anybody in the area is looking for a game, there are always games forming and people seeking GM's and GM's seeking games. Veteran members often GM games after the meetings which are a good way for newcomers to the club to meet other members and get involved.
The web site for the MSU is
http://www.ukmsu.com, although much of the club communications happens through our club listserv (ask on the message board, or email miskatonic {at} uky.edu for more info).
We do run a small annual gaming convention, UKON, in Lexington. The 8th annual UKON is scheduled for March 21st and April 1st 2006 in the UK Student Center (we take up most of the building for the con). It is in the relatively early planning phases, but events will include CCG tournaments, RPG games (besides obligatory D&D/d20, CoC and Paranoia are traditional con games), video game and anime rooms, and a DDR tournament. We typically have booths from local stores, as well as some gaming stores and companies from far off. Boffer LARP demos are also becoming a popular event too.