Well I think you need to be honest regarding references and who they are. We realize that newly graduated college graduates are not going to have the same type of professional references as someone who has been in the work force for a number of years. I would have available a number of professors but clearly let them know they are professors, if you've worked anywhere for summers or after school you can certainly list them but again tell your potential company exactly where you work for them and in what manner. I'd rather have someone tell me, it was their Manager at McDonalds then lie and give a Director in a company that they never worked for.
Lies will always come out. If you give the name of a friend and say you worked for him, what happens if when checking they start with HR and ask if "A" worked for the company from x to x time. The first thing HR is going to say is "We have no record of that employee"
Most companies are doing background checks today. Don't lie about your education, felonies, or where your worked. That is the first thing they check.
To the original poster, if you truly don't have a professional reference come out and tell them that. Then offer your personal references. Also make sure you tell the people you are giving as a reference that someone may be calling them and be sure they will be available to give feedback on you.
Good luck!