Microsoft recently launched an online programming contest only for college students in India. You should be residing in India and studying in Full time Graduate / Post Graduate Program from any university in India.
You will be presented with two questions and will have 90 minutes to solve these two questions. You can attempt the Coding Challenge in either C or C++. The coding challenge is conducted by DevSquare.
You can login to the Coding Challenge from anywhere over the Internet and do not need any editor, compiler, or execution engine on your local machine. You have to write, compile (and execute) and submit your solution within the DevSquare website.
The winning entries get a MSDN Premium Subscription, Vista(Business Edition), and other goodies from Microsoft. Register at www.studentrockstar.com.