I am currently a junior in college studying computer science. While I have a couple of projects on my resume, the project I am working on now is a much "stronger" project. About half the semester has passed so I do have a good amount of work completed on it. I'd like to put it on my resume because I think it will look good to potential internship employers. Should I put it on my resume?
I think your reasoning is sound and it can't really hurt anything. Unless there's a compelling reason not to, go for it. Many people put projects (completed and ongoing) on their resumes so you're not alone.
I say absolutely include it on your resume, provided you state that it is ongoing and how much of it is completed.