Yeah I think I got a bit carried away there!!
There are many grey areas. If you directly copy an image there are infringements if you try to profit from it. But people (lots of people) have been selling paintings of cartoon and video game characters online, some of them for years without getting in trouble.
Fan Art is a big thing now, someone on Deviantart has written quite a good guide on the subject.
http://kirawra.deviantart.com/art/The-Truth-About-Selling-Fanart-212570726
Having said all that, the OP just wanted to know for a school project, as far as that goes there are absolutely no laws stopping you from doing whatever the hell you want. Otherwise everyone I went to School with would be in a lot of trouble. As would most people who have ever been to school!!!