College kids being able to ANONYMOUSLY buy weed with a Visa/MasterCard .... Is that a "killer app" for Bitcoin?
Credit cards are not really anonymous. They'd be better off buying Bitcoins with cash from someone they trust and then moving the Bitcoins for illicit items.
This would only obfuscate the trail of funds. It wouldn't make it impossible to get caught.
If they are going to go through that much trouble they might be better off just buying illicit items with cash in person (or perhaps by mail).