Linden Labs, makers of the virtual world Second Life, is offering a $4k scholarship to an art student to go and hang out in the world and make stuff:
This $4,000 fellowship will provide a young artist with a chance to be free for a semester or summer to explore the use of the digital world of Second Life as an artistic medium. In doing so, we hope that we will see Second Life used to even greater potential in the expressive arts to the benefit of both the Second Life culture and the broader world of art.
(via Terra Nova)