I'll be in my second year at the University of Lethbridge come fall, first year was the best experience of my life! The on campus bar (The Zoo) has some flames coverage of pay per view games, and has a large majority of the games (Minus weekends since its closed), however only the battle of Alberta draws much of a crowed. Down the street from the University a bar called the Duke of Wellington is a great place for any playoff game as it draws large crowds. Lethbridge also is home to Average Joes which won best sports bar in Canada a few years back or something like that, although I have yet to go there. We do get the fan near the univeristy but the receptions a little bit sketchy, however you can always listen online.
As far as living arangements go, I highly recomend living in res for your first year, its a great way to meet new people at the begining of the year when everyone is feeling sort of awkward. If you live off campus your gonna have to work a bit harder to meet all these new people, but its definetly do-able.
If you'd like to have a beer and watch a flames game sometime feel free to pm me!
Edit: Its also possible to finish class, drive to calgary and catch a 7pm game! Although we almost died in a horrible snow storm, and the car broke down as we pulled up to the dome so I missed a Tony Amonte goal being called back

but I saw the flames beat the blue jackets!