Don't confuse doing a cool campaign with solving a businesses problem.
There are students in every portfolio school in the country right now trying to do "cool" campaigns. But what's going to get you hired are coming up with solutions to problems no one has thought about.
I'm not saying get analytical and businessy to solve global corporate challenges with proactive innovative solutions. Just know that a funny campaign that sells snowboards isn't as interesting as a cool new way to talk about snowboards that no one has thought of before.
Ask yourself what problems your product has. Is it unknown (Kenexa)? Ignored (Sears)? Forgotten (Arby's)? Does it need to appeal to a new segment (Burton snowboards)? Does it need to strengthen and retain the customers it already has (Sony)?
Funny campaigns are funny. Awesome campaigns solve problems in ways you'd never considered. Funny campaigns might crack a smile. Awesome campaigns get you hired.