Microsoft is not known for its generosity - especially when it comes to pricing the various incarnations of Microsoft Office (ask Tesco), but that's all about to change...
In possibly the most generous offer I have seen in the IT industry for many years (yes, including 'free laptops' since they require 18 month broadband contracts), Microsoft has announced 'The Ultimate Steal' - a promotion which will let students buy copies of Office Ultimate 2007 for just $59.95!
Catch is in the pricing: it's US only at this time, but given the full RRP of Ultimate 2007 ($679) it could be worth establishing some transatlantic pen pals. After all, the only things a student must do are provide a valid college/university email address, be enrolled in at least 0.5 course credit (this means something over there) and be able to provide proof of enrolment upon request.
Pass these requirements and a product key and download link will be sent to your academic email providing full 2007 copies of Access, Accounting Express, Excel, InfoPath, Groove, OneNote, Outlook, PowerPoint, Publisher and Word.
Of course, being students, the next logical step is then to sell the product key on eBay and go back to their perfectly adequate version of Word 97...
More details below.
Update: It's available in the UK here. At £38.95 it's more expensive but are we really going to quibble? (Thanks Chris and Andrew)