In response to requests from lots of universities, Microsoft have again extended the deadline for Imagine Cup Software Design Challenge entries to January 16th.
They have also set up a Windows Live Messenger account where you can discuss deas and entries for the competition. This is on firstname.lastname@example.org and there should be someone on the end of this at most times.
If you are thinking about entering but aren't sure if your idea will hit the spot, you could have a chat with them about it before making your pitch.
I can't stress strongly enough the value of taking part in things like this. We are finding that employers are more and more concerned that potential hires should be "Out of the Box Useful" when they arrive in their job. Entering competitions, preparing and pitching ideas and working with other people are all the kind of thing that help build you up as a useful person, and you should take every possible opportunity to beef up these skills.