Dana, great point! I think employers just want to see SOMETHING. When I interviewed for my current position, while I didn't have anything online to show them, beyond my slightly outdated website, I printed different types of ID projects I've done and put them in a binder. It was enough for my now supervisor to see that I can create a variety of learning experiences.
At a previous employer, I worked everyday with undergraduate students. I tried to convince them of the merits behind having a portfolio and keeping up with ALL of the things you do, even while in school. It has value! When working with a group of community members interested in creating their own web-based portfolios, I told them to CREATE something that showcases your skills. If you can't use what you have because of proprietary restrictions, recreate it and strip out the specific information.
The point is, show SOMETHING.