Try to develop some projects for social cause. Use the latest open source technolgies. Work as a team, atleaset of 5 members. Follow Agile project management and process. Learn a lot.
Technology: Java/J2ee, struts or spring framework, hibernate, mysql etc All these are opensource (free) and doing good in market.
Try to use Amazon webservices and host your application. They provide some free tire.Their billing is also less.
All the best