First of all, I shall talk how I talk how I talk on the Xbox 360 board for effect in the following sentance: Xbox 360 PWNS n00bs, it roxxors!
Now to the thing that actually matters.
"Should I go in the morning and tell the teacher or someone what these boys have been up to before there's a fight or meltdown?"
Yes, because I garentee you if he is excited about the Xbox 360 as I am, he was on the verge of tears when he found out it's not out yet. I would explain in elaborate detail to the teacher of what happened, and what your sons reaction was to the Gamestop call.
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My anti-drug
"I'm so glad that I'll never fit in.
That will never be me.
Outcasts and girls with ambition,
That's what I wanna see" - Pink