Google is doing their Summer of Code thing again this year. You can read more about it here: http://code.google.com/summerofcode.html
It doesn't actually mention PHP there yet, but it will soon. So if you are a student and have an interesting idea for a PHP-related project, start thinking about your proposal.
For eligibility see:
http://code.google.com/summfaq.html#who_is_eligible
and the rest of the FAQ as well I guess.
-Rasmus
Ah great! :)
This year I might participate. I would like to do something in the core or even in the zend engine. I'll think in something.. (I'm also open to suggestions, of course).
I would also like to propose a project related with the documentation team, which is very useful to us:
* working on livedocs (rewriting the indexer, improving docbook compat, pear/gtk/smarty docs support, php 6 support, etc..)
Nuno