Editor - Here's a few ideas for gifts we think fit the bill of tech-related, but not necessarily a gadget:
Incase has just released their Lineage Collection, an assortment of nylon backpacks, messenger bags, and sleeve obviously aimed at the fashion conscious college student (one is even called the "Campus Pack"). What we like about these are they come in a wide assortment of colorways, from subdued to garishly fun.
College kids can spend a decent amount of time primping and preening, so a shaving device like the Braun cruZer might be an unexpected, yet appreciated gift. This way he won't have to worry about purchasing expensive replacement razors for shaving, and there's a whole line for face, beard, and even body.
Remembering spending many of nights burning the midnight oil back in our collegiate days, the idea of a LED task lamp for your nephew's late night studying needs seems thoughtful. This LED model available via Amazon puts out 220-250 lumens with just 3.5 watts, just under $40.
This last one is a tad over your budget, but if you're looking to splurge a bit and know your nephew is physically active, these $150 Nike+ FuelBand are the type of fashionable hi-tech accessory which should win you some "wows!" upon receiving/opening. Inside is a three-axis accelerometer which keeps tabs on calories expended, steps taken, and even keeps score via the Nike+ website.