The Sakai Project is an opensource effort to create a content management solution specifically for schools. The web based software allows instructors to create classes and schedules for those classes. Students can sign up for multiple classes. Their individual schedules show the information from all classes in which they are registered.
Individual classes can have, assignments, resources, chats, discussions, etc. Assignments can be graded and recorded by the instructor. It looks like there is an add on that will let instructors create online quizes, but right now it will only work with an Oracle database.
The application is very easy to demo. You can download it with a version of Tomcat, so all you have to do is type
start.sh to get it running. It seems like a very useful application even though some key features are still in development.