Google Summer of Code (GSoC) is an amazing program for college students that enables them to spend their summers working with open-source projects. Google chips in the money, and FOSS projects provide the mentorship and expertise. In the end, we benefit by gaining both new code and (more importantly) new developers.
I’m very excited this year because both Gentoo and X.Org were accepted for their 6th years in GSoC! Last year, Gentoo had 19 students working on diverse projects including webapps, package management, NetworkManager, the Dracut initrd framework, and more. X.Org, a more specialized project, had 5 students working on various aspects of open-source graphics.
If you’re a college student, I’d like to encourage you to apply for GSoC, whether it’s to Gentoo, X.Org, or another project altogether. It’s great real-world experience where you can prove your expertise to future employers (since the code is freely available), and you can become the world’s expert in your topic. The money doesn’t hurt, either.
To get more info, go to the Gentoo or X.Org GSoC homepages and check out the project ideas. If none of them strike your fancy, propose your own! We love original ideas, but please discuss them with us first to ensure they’ll be realistic and high-priority.
Striving for greatness 
I saw a couple of interesting Gentoo projects, once I found the right links:
Gentoo
X.Org