Have you considered whether you're following a fantasy? Maybe you should seek advice from someone you trust who doesn't drink the HN/TechCrunch Kool-Aid. Somehow I doubt you were rejected from YC due to lack of effort.
The prototype has been developed, so I'm going to take it to market within the next few weeks. Then apply to YC again in the winter, with a bit more grounding and social proof.
It's not really the money I was hoping to receive it's the support/advice/mentorship, especially on legal matters. Most of the lawyers i've spoken to don't really have a clue about the SAAS model.
Maybe your idea isn't the "one". Maybe you can't pull off running a startup. Maybe you aren't in the right place at the time.
But I'm betting that the preceding paragraph is all false. And even if I'm wrong, at least you put your balls on the line and did something you believed in. The story of your startup will beat an infinite number of drunken frat stories any day.
Safety Net: You can always head back to college if things get ugly.