You might be able to connect, but it looks like you could get yourself into trouble. Connecting devices like the My Book Live to a university network can bring IT breathing down your neck.
Here are a couple options
If you still want to put it on the network, use the wired side. It will be faster.
First, from your computer, ping an IP address that you want to use. Hopefully if another computer is using it you will get a responce.
Once you have an IP address that does not respond to a ping, put that into the MBLD.
Make sure you use the exact same subnet mask that your school is using (255.255.252.0).
You should be able to access your Duo from that IP now.
Since you have WiFi already, just direct connect it to your computer.
Leave the Duo set for DHCP, and your PC set for DHCP.
Connect the network cable that came with the Duo from your PC to the Duo.
Reboot both the Duo and your PC.
You should be able to see the Duo in you Network places if you have discovery turned on. (Home Network)