Yes, movies that were recent hits and many classics are still shown on campus for a discounted ticket price. The Wisconsin Union Directorate (WUD) is the student organization that facilitates these viewings. They, and any other student organization they work with, try to screen films in venues other than classrooms whenever possible because of comfort value. The use of classroom and Union space for them is free, so all of the films they show outside of theaters are actually free. This includes Lakeside Cinema (classics) and Midnight Movies (recent classics), as well as International Cinema and Starlight Cinema (underground).
The WUD still shows many free movies. The only series that costs money is the WUD's Memorial Union Movie series, which are films that they show before they come out on DVD or VHS. Even that cost is discounted. These viewings cost $3.75 for UW-Madison students, Union members and Union staff, $4.25 for everyone else.