A little digging soon revealed that the students were running the business out of one kid's dorm room, using his university-provided Internet access, both of which are expressly prohibited by the room contract.
Turns out they're taking orders, running to Target to buy what's been ordered, and then bringing the stuff to campus at what's both a nice markup for them, and a reasonable price compared to buying individual bottles from campus eateries. A nice service for those who don't have their own cars, I suppose, but not the right way to go about it. They're going to get a cease-and-desist order, though I imagine they could start over with a different name, different base of operations, and no pickup spot on campus. (Delivering to individuals in dorms isn't really problematic, since there's a long history of pizza places doing just that, for example, but setting up a pickup spot on campus without paying for a vendor permit or whatever is pretty cheeky.)