OGRE is participating in the Google Summer of Code this year, and the student application process opens today. We haven't done this before, so we're looking forward to seeing what idea students come up with and how the whole process works. We've put up a list of project ideas adapted and extended from a few things which have been bouncing around for a while.
If you're thinking of applying, at an absolute minimum you must read the Google Student FAQ, and the OGRE Summer of Code Guidance page thoroughly.
We have also set up a dedicated Summer of Code forum which will be used for all discussions on this topic, if you have an idea and want to bounce it off others before submission (a very good idea), this is the place to do it.
[Update]Here's a direct link to the student signup page.
Here's looking forward to an interesting few months!