Using Sites Like Elance And Guru

Hey guys this is my first post.
Although I have experience in various digital media applications like Illustrator, Photoshop, Flash and 3DsMax, I have not yet done any non-academic projects. So, I have no relevant experience or worth while references to put on my resume. I feel like I’m in a catch-22 because I need experience and references to get a job but need a job to get experience and references.
So I ask you, are sites like Elance and Guru effective at building resume usable references and experience or just portfolio pieces? Can a truly incredible portfolio (not saying I have one) really make up for a lack of experience and references to an employer? Is pro-bono work and severely lowering my rates the only way to get through this “in-between school and career limbo”?
Any help with this would be greatly appreciated.
Kyle Coyle
[COLOR=#0000ee]www.kylecoyle.com[/COLOR]
[U][COLOR=#0000ee]kyle@kylecoyle.com[/COLOR][/U]