The final deadline for applications for the gsoc is fast approaching. You now have 4 days left, right up until 19:00 UTC on April 3rd. There are so many cool projects available this year, so make sure you apply soon before they're all taken!
Some of my personal favourites would be:
Writing SIMD code in C#
VDPAU VC-1/H.264 Support
A Dirac decoder
And many more! Funnily enough, video encoding is what got me interested in programming in the beginning, so if you students don't snap up those projects, I will ;) Hack on something cool for the summer and earn yourself some cash while you're at it. It'll be great!