Edit (4:50 p.m.): NBC Washington (WRC-TV) reporting that the second deceased victim is likely the suspect. Cops at Va. Tech presser won't comment on whether second deceased person is the suspect, but a weapon was found near that victim's body. No other incidents reported on campus, the school's website has said it's OK to "resume normal activities."
Broke around 12:30 p.m.
From Virginia Tech's news twitter feed:
@vtnews: A police officer has been shot. A potential second victim is reported at the Cage lot. Stay indoors. Secure in place.
@vtnews: Suspect described as white male, gray sweat pants, gray hat w/neon green brim, maroon hoodie and backpack. On foot towards McComas. Call 911
@vtnews: Gun shots reported- Coliseum Parking lot. Stay Inside. Secure doors. Emergency personnel responding. Call 911 for help.
Edit: Virginia Tech's website reporting the suspect remains at large (1:26 p.m.)
Also: This article has a photo of the crime scene, which is in the parking lot of Virginia Tech's basketball arena and near their CCRB equivalent (McComas Hall). Basically, this happened in their athletic complex area.
@Reuters FLASH: Two killed in shooting at Virginia Tech -University spokesman