DnD specifically?
I'm not trying to knock DnD at all, but there are tons of great pen and paper games out there. It does sound like DnD is right up yall's alley, but I wouldn't hesitate to suggest that you and your friends browse around at other settings and game systems, as well.
But also, I have to echo the "Meet regularly" thing. Meet at least once a week, if not more, or it'll prolly fall apart. Also, at yall's age, your families are prolly also a large part of your life, so it wouldn't hurt to get your family comfortable with the idea of DnD. Parents are more willing to take the time to let their friends have weekly meetings when their kids come home with a smile on their face, and their creativity flowing.
This [http://blip.tv/the-dnd-experience-on-ice/let-s-play-dnd-episode-4-act-i-3534225] might help make DnD less threatening.
Oh, and with having just brought up that video, everyone agreeing on a tone for the game would be a very good idea. Are yall looking for a hard-core fantasy experience, or are y'all going to be OK with someone abusing a glue cantrip and attaching bells to everything for the Hell of it?
Also, if you're going DnD, have everyone get comfortable and research the class they want to play and google around for prestige classes and interesting builds. A lot of websites have lists of prestieges, and it isn't too hard to find friendly people on the internet who would give you the lowdown on them without actually buying an entire book for one class. >.>