A simple Flash site would be nice for presenting your portfolio. Not sure what your ability is with Flash, databases, etc. but with Flash MX I believe there is a good method for storing your images in a database and you simply add the images to the database. Not sure how you add the descriptions, project info, etc. into a database but I'm sure it's possible.
If you didn't take that route, you can still do something in Flash, just don't know what your expertise is with it.

But don't go adding spinning page transitions and fading crap and anything that takes time away from what your intended viewer wants to see and ONLY wants to see: your work.

focus on communicating your work as clearly as possible. don't let the web design get in the way, as i'm sure you're student work is better than your web design capabilities (at this moment). try to package a clear presentation in a format/style that is consistent with your work.

flash can be a good solution for beginners.... but keep in mind that while it's easy to pick up (only a few hours), it takes years to do anything of professional quality.

Use a straightforward slideshow format website. Html if done right has a search engine advantage, which is important if someone only memorises part of your web adress, your name, what you do, a project name... Also then people can link to a specific piece in your portfolio.

http://www.internetisshit.org/ is great (nevermind the content). Ultra simple, instead of text use large images form your portfolio. Numbers telling how many slides left. You can then replace images with flash animations, quicktime films, text and so on.

As Paul mentions don't let your webdesign skills get in the way of your arch work.

A few "What Not To Do's":

No neon
No intros
No, and I repeat, no, submitting your site to http://www.goldenwebawards.com .

I agree with Kalle and Paul...

Remember to keep it neutral (colors and fonts, etc.) as you are trying to showcase your work, which could represent a wide range of styles...if your website is overly stylized, it could clash/conflict with the work you are showcasing...

Archinect is a good example...Paul has made the interface very neutral so that pics and images stand out, although Paul is a professional and went wild with a three color scheme (black, grey, white)..since you are a beginner like myself, I would suggest you limit it to 2 colors.

I have had big visions of incorporating the theme of the work I am showcasing, with the web design itself, but found that my limited skill level got in the way. I wouldn't waste your time with that until you are very accomplished with the web or have a few hundred hours to spare...just work on a simple, flexible, neutral layout and let your work shine.

Woops, they've relocated:
http://www.aawebmasters.com/

that has got to be one of the worst looking sites i have ever seen in my life.
definitely an example of what not to do!

check out the students sites in the Links section of archinect. You'll find some examples there. I agree with all of the above comments about content etc. I've been planning on doing a CD and Website myself, however I hearing more and more that firms don't look at CD portfolios. I'll try to post some links to sites i find inspirational when I get back to my PC.

We toss CDs when we receive them as part of an expression of interest to work at our firm (it's stated on our website to send hard copies of one's materials). CDs are just not easily accessible when reviewing resumes - sorry! Your work should come through clearly and concisely in a few images and brief descriptions attached to your resume.

I agree with most of what's been said. If you use Flash, don't get carried away. A good rule is that if some 'cool' effect looks interesting and it's easy, skip it! Stay away from poor tweens that take forever and are processor intensive.
Where Flash is nice is it's ease of layouts - it's all up to you. Buttons are easy to make and going from one image to another is simple. I'd focus on the graphic layout, make it simple, clean, and efficient. Then later on, when you've learned some more and looked at others work, you can begin to experiment with what would help to present your work how you'd like.

For some great use of flash, browse through FWA, although some are over the top, there are some great examples.

I like my site, too :-), although it's been time for a redesign for a while now.

Is that a freudian slip up there redchairs?

Perhaps reading a tad too much into that, I suspect...........!