Creative Competitions.
Running at the moment:
Black Turtle Media (Portfolio competition), first award 1000$, deadline: 7th March
Good 50×70 2008 (Poster competition), helping charities, deadline 20th April
Data Portability (Logo competition), iphone, cash, web tools, deadline: 11th March
Firefox 3 T-Shirt (T-shirt competition), a shirt+publicity, deadline: 16th March.
There are others also, updated regularly on Graphic Design: basics.
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I vote that you do the data portability ones as they are really cool people