It's pretty easy to track down delinquent apps bypassing the firewall. The college almost certainly knows the ports used by the common applications they use and allow to be used. If you crack open through another port, or start stuffing a lot through a known port, they'll see it. Colleges usually have decent firewall protection, and universities are even tougher (given the level of research and such).
In short, the firewall is there for a reason. If you're an honest bloke, go talk to the IT department about your application and ask them to help you out. Chances are, given the nature of the application, they'll say no. But let me tell you, that's a **** of a lot better than hacking it through and getting caught. Not only will your internet priviliges be cut off, but you could face disciplinary action AND legal action.
Plus, it usually pretty clearly states in your agreement for ISP services to the college that you won't do that kind of stuff. It's not worth it.
BTW - Since when did H-ELL become a curse?