I am currently trying something very different for one of my project management classes that I teach at the University of Missouri. It is a short eight-week class, so there is not a lot of time. However the students are all MBAs, a lot with some work experience. So they are ready to move at a pretty fast pace. This semester the students are developing draft management plans for a project at the simulation center ( part of the med school).
For example, two weeks ago the class studied stakeholder management. In class, we analyze the stakeholders in a case (HMS pinafore) so that the students had some simulated experience. We are using the same case throughout the course; it allows the student to see the project from several different angles, and become very familiar with the one case.
Then last week one team of students developed a list of stakeholders, a communications plan, as well as an influence/authority matrix for the simulation center project. They presented this plan to the class and the simulation center, in order to get feedback and perfect it. They then submitted the plan this past Tuesday. That team is also responsible for updating the plan is additional stakeholders are identified during the rest the course. The group of students were able to identify some stakeholders that might have large influence over the project, that had not been clearly identified previously.
It is not perfect, but I think this approach is giving students a lot more insight into what a project manager has to deal with (even a few difficult stakeholders here and there perhaps). I will know more at the end of the semester and would be happy to share my results/syllabus/resources with anyone.
I would also say, that if you're looking to teach about agile, there are several excellent resources on the web for simulating an agile project using Legos. I've done this in previous semesters and it has been a very valuable experience for students to understand how important planning and understanding customer requirements can be, regardless of the type of methodology that you're using for your project.