The libraries' Scholarly Communication department recently acquired the Public Knowledge Project's Open Journal System (OJS) software—an open source publishing software program; it is installed and maintained on our ejournal server here at Virginia Tech. That server currently hosts one journal.
OJS has exceptional workflow management capabilities; through role-assignment, it simplifies and automates the majority of the workflow for the peer-review process. With OJS, you'll have your own dedicated journal site, which also serves as the front-end to your journal issues, similar to WordPress, Drupal, or Joomla.
Scholarly Communication will assist you throughout the process: from setup to publishing.