Please please please don;t spend much time "rolling your own". Your time is better spent researching and learning to use real tracking systems.
Some to look at
Trac, Bugzilla and FogBugz. The last one has free hosted solution for small (one or two man shops?) companies.
SO has lots of threads about this topic.
Try not to roll your own unless it is just a word doc or a spreadsheet. Any time you spend making your own is a TOTAL waste.
EDIT
Since you won't be dissuaded, then I'll maybe add some things others have not mentioned.
You need reporting functionality - users need to be able to run queries and they should be able to select the fields they want to "view".
Workflow/lifecycle of a defect is also a good feature. (basically a state machine of the states the defect will go through. ) In fact, this is a useful exercise for you to define all your use cases and functionality. Given that you are in college and did not start out as aa CS major, I doubt you will come up with many on your own. Take some time to browse the feature lists and demos of existing products.
Ability for emails to be sent to various interested parties.
Anonymous users able to see a SPECIFIC defect that they entered
Different access levels and authorities (admin, manager, developer, tester, end-user)