No that's urban legend. He's currently finishing up his degree and took some time off. He might actually be back after college.
Like him or not he's the most successful spokesperson in the history of computer marketing. Personally I love the guy, he talked to non computer people on "their level" and brainwashed them into only buying dells. Mind you it's a little dishonest and mis-directing, but considering that dell is the only pre-built computer worth getting who cares.

All I know is pre-steve, businesses and university's had a hodgepodge of packard hells, overpriced ibms under powered hps, and crappy, locally built generic models all globbed together in one lab, trying to co-exist.
Post Steve you have labs of nothing but dells. From a person in my line of work I can really appreciate that.
Funny pic though.
In the words of Bart Simpson:
"But what if hell is like a hot-tub? It burns at first but after a while you get used to it."