During 2008 and 2009, I was a program administrator and mentor in the Google Summer of Code (GSOC) program. This program provides funding to open source projects to hire students to work on them for the summer. For two years, the Hackystat project received funding from Google to hire students, and all of us had an excellent time.
Here is a recording of a lecture I gave at the University of Hawaii on why our graduate students should all participate in Google Summer of Code. It was featured on the GSOC Home page in 2009.