With just under 5 days left here's where we are at:
I've had some donations to our project from a friend (who gave us his whole electrical kit from when he was in college), and the nice guys at Letterbox games store who gave me some old microphones (large style, but maybe we can get parts from them) from Singstar for PS2.
This means we have nearly everything we need now, probably just need a soldering iron, circuit board (might not be needed), and soldering wire to start piecing it together, although we don't have many op-amps so we'll need to take care in testing the circuitry.
Are we all good to meet up Friday again at 4pm to discuss this, and figure out how we'll be assembling the parts?
In the mean time, here's an image of all the development materials we have, the total paid components would be only the LED + battery combo packs (at $2.97 each + tax), and the extra PC microphone (small black one, the small white one is broken from my closet, but I think the microphone piece will still work).