Google's Summer of Code (GSoC) has been around since 2005, sponsoring students to work on specific, clearly defined projects, supervised by mentors from OSS projects.
GSoC 2010 is coming up, and sponsors a long list of OSS organizations.
Dynamic languages are well represented, with accepted mentor organizations for
- Python, eg. for Unladen Swallow, CPython and other aspects of Python
- Smalltalk (ESUG) for projects such as get Smalltalk running on Javascript or a Smalltalk to Newspeak converter.
- Caja, a safe subset of Javascript.
Other projects also offer project ideas that involve Ruby, eg.
- Sunlight Labs proposal for National Data Catalog built in Ruby
- extensions for the Ruby-based Puppet
- Encyclopedia of Life with a few Ruby and Ruby on Rails projects
- new features for BioRuby and bringing BioRuby up to Ruby 1.9.2
- OpenNebula project which allows to manage virtualization setups
Meanwhile, EngineYard together with RubyCentral, decided to set up the Ruby Summer of Code. The project has attracted sponsors which provided enough money to finance 20 projects. Mentor applications are open until the end of the week, student applications start April 5th. There's already a list of potential projects for Rails and projects for JRuby.