Irish Rose -
I might very well be. I applied late in the cycle, just had my interview, and am waiting to hear back this week. I will let you know.
I live in Memphis, though, and can give you some advice on housing. I'm sure you have heard that Mud Island is popular. It mayt be a little on the pricey side, but many UT students live there, and it is reasonably safe.
The best choice would be to find a nice appartment in midtown, which would put you closer to the school at less of an expense, too. Midtown Memphis is tricky though, because one street may be fine, but the next over may be a little dodgy. There are places out east, too - Cordova, etc. whish may be inexpensive. Cordova is going to be a 45 minute drive to the campus, though.
I would recommend looking into living on Mud Island (Harbor Town) for the first year then, once you get to know the city, you might consider moving someplace else.
Or, if you're rolling in the dough, get yourself a flat down town in a renovated cotton warehouse. They're sweet.