We have been accepted in Google Summer of Code 2012 as a mentoring organization. See here for details. To that end, we are looking for project applications - see our ideas page. We have suggested both new and repeat proposals. It is part of the student's responsibilities to flesh out their own proposals, so don't hesitate to suggest crazy and/or sketchy ideas on the researchers mailing list.
The deadline for student applications at google-melange.com is Friday 6 April.