I set up google analytics for my site, its very easy (and free). It could be an interesting project for your advanced students.

Setup Steps;

1. create a google gmail account if you don't already have one.
    You might want to create a separate account for web business to separate it from personal emails.

2. open   http://www.google.com/analytics/

3. click "Access Analytics"

4. log in with gmail account

5. follow the New Account instructions.

6. they'll have you add this code to the bottom of your index page before the </html> tag;

<script type="text/javascript">

  var _gaq = _gaq || [];
  _gaq.push(['_setAccount', 'UA-xxxxxxx-x']);
  _gaq.push(['_trackPageview']);

  (function() {
    var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true;
    ga.src = ('https:' == document.location.protocol ? 'https://ssl' : 'http://www') + '.google-analytics.com/ga.js';
    var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s);
  })();

</script> 

7. you will need to update the script's "setAccount"  with your account number which should show on the overview page to the right
   of your web url.

8. post the index.htm to the server.

9. it will take 24hr before analytics reports will be ready but during that time hit your site so you will have activity to report.

10. next day, sign in to analytics and click on "view report".  There is a lot of interesting information available.