Answer: This question really requires a little research of each school. Some are definitely looking for a triple threat, talent first. Others are looking for students to just be themselves and they will work with the talent. I personally think that being yourself is usually a safe tactic for every school. If the student goes into the audition room and tries to be someone they are not, things could really turn out bad for many reasons: they can come off as “fake,” they can give a false impression of their personality that they must live up to every day of the week at that school, or they may find out their personality does not really click with the faculty. Most importantly, the faculty needs to know that the student is willing to work hard and really commit to in depth study of the art and the literature. Really thinking about all the details of each song and monologue (exactly who you are talking to, what happened before each scene, what you want, what is in your way of getting it, etc) is the best way to convey that commitment. This is an exciting field to enter, but it requires a lot of hard work. Doing that hard work before you get to college will go along way towards making you successful.
Matt