Can someone tell my anything about the privacy afforded the user of a laptop that was made available to them through work or school? Deets inside:?

I just heard a story on NPR about a student who was given a laptop through a school district program for use at home and school. According to the report the student was reprimanded by the principal of his school for doing drugs while at home (the student claimed he was eating Mike and Ike’s and apparently his story was borne out as true). It seems that the principal was able to observe students at home via the webcam in the provided laptops.

My question isn’t so much about the issue of privacy, my question is about what a school district or an employer might be able to glean from a student/employees laptop without s/e knowledge. In other words, are their programs, outside of a webcam, that can track what I am doing and what sites I’m visiting on my laptop and have those results sent to my employer/school district? I understand that cookies and tracking software might be in the computer but can that software report back or would the employer have to have the laptop in hand to see where I’ve been?

Me fears that my poker playing days on the company laptop might be drawing nigh…