Two BIG suggestions - don't try something too hard or you will never get it completed in time and any parts you use must be readily available off the shelf. I saw many people never get to the end in my senior class because of these two things.
My project was a weather satellite receiver that fit into a laptop computer. You could take your laptop anywhere in the world, point a simple antenna at the sky and receive the weather pictures. It was pretty simple, a GaAs FET LNA, an IF chip and a simple PLL chip.
good luck!