As a journalism student, I don't see any issues with using quotes and linking an article. As long as it's stated who wrote it, when, and what paper or source, and it's no more than the lead sentence in the article.
I have done it on many forums and used that format and there hasn't been any issues.
I am working on an article for my college's newspaper about amtrak, and once it is finished I plan on using that format and then linking it to the page. All though since our paper has limited online space and the only keep articles up for two weeks I might just do the full here. It's my work so it's not much of a copyright issues for me.
I didn't see the recent example that re-instigated this discussion until after MrFSS edited it, but I don't think anyone objects to posting the lede. In fact, AlanB's original post in this thread states that it is acceptable to "quote a paragraph or two." I suspect Rail Freak had quoted the article in its entirety.
Also, as to your last point, you'd need to look at your terms of employment with your school paper, but in general, an article written by a newspaper reporter for that newspaper and on that newspaper's paid time are the intellectual property of that newspaper. So to be sure, I'd get the paper's written permission to post it here (I doubt it'd be a problem at a school paper).
If you're a freelancer, it's probably less of an issue, but you'd need to look at the contract there, too--you may be selling the rights to the article in exchange for your pay. (More likely, though, you'd just be granting the paper an irrevocable license to use the work in any way they see fit or even a more limited license while retaining the ownership rights to the article itself.)
Edited by jackal, 08 March 2009 - 01:54 AM.