Agreed that dynamic web languages is the "in" thing now. As a person seeking for entry-level, you should at least have played around with databases, even if you haven't integrated them with any dynamic web languages like ColdFusion, ASP, JSP, PHP, etc. Understand ODBC, know Access inside out, and do some reading up on Oracle, mySQL, & MS SQL Server.
You will be hard pressed to find a job knowing only HTML and nothing else (unless you're going the web design/graphics route). The term "web developer" requires that you know how to put many technologies together because clients will demand many things and ask for many alternative solutions. Don't worry too much about knowing everything at your level... just understand the technologies and be sure the prospective employer understands that you are eager to learn if you don't already know it... that you're capable of learning it. They shouldn't expect much from someone straight out of school, so you do have some leeway. Do some learning on your own in the interim... because once you get hired, all you'll be doing is learning new stuff. Motivation is key. Career goals are key. A colleague of mine does this stuff at 2am just because he likes it... someone that I truly admire as a mentor.
The only thing that really differs with web languages are syntax. Programming is all logic... so if you have the knack for it, you're good to go... practice at it if you don't. The weapon they've armed me with here is ColdFusion, which I knew 0% of when I came aboard. All I knew out of school was SQL, Access, HTML, and a slew of internships that gave me a broad range of IT experience (more on this later). Computers is a hobby (true for many of us here on AT)... I sit in front of the thing for far too many hours per day. It's important that you do this for fun too. What I tell EVERYONE who is still in school is to do as many internships as possible... so what if it's non-paying. Employers look for this!!!! Sorry for the rambling, but sometimes I have 50 thoughts in my head and I am not the best at sorting it all out most of the time. Anyway, you can find my resume within the link in my signature below. I was entry-level just a short time ago, started here March 2000 out of college as a web developer and I have my colleagues to thank too. Don't forget, once you start the job, it doesn't mean you have to know everything. You have colleagues to help you and you have your free time. As long as you're dedicated and motivated... you'll know 200% more than you do now within a year's time. Employers cannot expect anything more. Good luck.