Referring to some other project is always a good idea (with proper permissions and mentioing it properly), but I don't really think that picking up whole project off the shelf could be a good idea. These things are short-cuts - OK, these might be available at this stage of life, but would that always be available later on in life when real corporate challenges would come up? Alright, they there wont' ask for something bookish/boring-things like the projects, so one can always put mind into gears at that time, but won't copying make one always wishing for similar options always be available in life?
I've seen guys complaining that there MBA didn't help much - that they're still stuck at that boring HR/sales/fin-data analyzer kinda job which could be done by a plain graduate (in fact 10th is the qualification in most of the govt jobs for works like that) - but then why didn't they complaint when they had to gather some knowledge earlier in life?
OK..have seen some copiers doing brilliantly well in life, but believe me that they were genius - if you are not then just stick to plain old script of learning and working hard to be successful!