Congratulations dude.
On where to live...there are a couple of options on where you can live if you're going to LSU-NO. Plenty of folks rent out apartments in Metairie, mainly on a street called Lake Avenue. There are a lot of apartment complexes there, the neighborhood is nice, quiet and safe, and 1 bedroom apartments will run you around $350 to $500+ (on average). Two bedrooms can go anywhere in between $450 and $900, depending on how nice you want your apartment to be.
I roomed with a friend of mine in an apartment complex on Lake (called Metairie Lake apartments)...two bedroom, two bath, security gate, hard-wood floor in the living room...basically, a very nice apartment for $610 a month (it's probably gone up since I moved out in 2000). The best thing about living on Lake is that it's 5 minutes from the I-10, and with no traffic, is about another 5 minutes from LSU. With morning traffic is another story...tack on another 20 minutes or so.
There are other apartments that are close to Lake and Downtown New Orleans, so you have a lot of options in metairie. Another option is to live Uptown near the greatest University on the Planet, Tulane U. There aren't that many apartments to choose from, and the ones they have (esp. on St. Charles Ave.) are hella expensive...we're talking upwards of $650 to $1,000 for one-bedroom joints. You might want to rent a house Uptown...most are shot-gun style houses, central air conditioning, etc, etc. You can get a good deal if you want multiple rooms. Many Tulane students Uptown, and it's a short drive (>10 minutes) to LSU downtown.
Another option, though not as popular, is living in the Westbank. Housing is generally cheaper over there (take 5-10% off of the prices you'd find for comparable apartments in Metairie), and there are some nice apartments to choose from. The only drawback is that there is wicked traffic going over the crescent city connection toll bridge...expect to wait to get through the toll for at least 30 minutes every morning.
HOWEVER, you can take the carpool lane if'n you have another person going to school or downtown with you. My good friend who goes to Tulane Med recently bought a house over in the Westbank with his brother (who's choosing between LSU and Tulane Med as we speak) and he said that he and his brother breeze through the Westbank on into downtown every morning in virtually no time at all when they take the carpool lane. Something to consider if you're looking for a good value and if you're rooming with someone. The Westbank itself, depending on where you're coming from, is about 10 minutes away from LSU with little or no traffic.
A good website to reference is Rent.net.
See ya in August.