It is possible. Not easy, but possible.
My son is the president of the wakeboard club at California State University, Sacramento. They have a very sweet deal where they get use of a very nice boat, a Super Air Nautique. A new one, each year.
It is more than just for the club, however. CSUS has a very nice aquatic center and they teach kids camp during the summer and private ski and wakeboard lessons. They have had a competition water ski team for a long time (they get use of a new Ski Nautique each year as well).
The boats are used, a LOT.
Lots of people get exposed to the boats. Little Johnney learns to go wake to wake and goes home tells dad that they need to buy a boat like that one.
If the only use of the boat was for a wakeboard club then I would not expect you to get much support. There is only a few months of each school year the the wakeboard club is active.
The CSUS sponsership is through the local Correct Craft dealer, not directly from Correct Craft. Don't try to cut the local dealer out of the loop, that won't go over too well.
I suspect that you are going to encounter the old "chicken and egg" problem. It will be hard to start a club if you don't have a boat. You won't get a boat until you have a club.
Don't forget that the boat will be the cheap part. The boat will need maintenance. Things will break and need to be repaired. You will need some serious insurance coverage. The boat will need to be stored some place.
Does your school have a waterski club? The CSUS wakeboard club was part of their waterski club until a couple of years ago.