Now here's something cool: UW REAP.
Basically, companies give students an opportunity to find new, innovative uses for their technology. Students do it as a part time job on top of their course load. Not only do the students get great experience working with very cool technology and companies, they also get paid! The program also contains project management training for the students. Getting this sort of hands-on experience in industry is invaluable for students.
I think it's a fantastic opportunity and I'm really happy to see Waterloo do something like this. I will definitely be applying for next semester. My only concern is doing this with Real-Time. :S