We dedicated a large part of our budget several years ago to purchase a projector that can be used with any type of media (computers, dvd's, cable). It has been awesome. We use it for fitness stations, open house night, fundraisers, and holiday events. The students love it and it is fun for us as well.
We do not have a projector in the gym, nor do we really have the budget to purchase our own. What we do is borrow one from our media center on the days that we need it and blast it up on our white cinder block walls. It works great and is huge for all the kids to see. We generally use it for DDR.