First time seller - Investing vs using as a down payment

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Hi,

I am new to the real estate & investment world and could use some advice. I am in the process of selling my first home (a small condo) and will hopefully have a nice chunk of equity. Considering the current market, the fact that I am full time grad student with little income, and may move after getting my degree in 2 years what would be a smart choice?

1. Refinance the condo to get a lower interest rate and NOT sell it - take out the equity and invest it?
2. Refi - NOT sell - take out equity - buy a new home with the equity - rent out one or the other?
3. Same as 2, but invest equity instead of using it as down payment.
4. Sell and use equity as down payment on a new home
5. Sell and do 100% financing - use equity to invest.

If investing would be wiser - what are the best investments for a younger person to get into? I may want/need the $$ in a couple years. A CD, Roth IRA??????

Any advice is much appreciated. THANKS!

- Josh