I would be willing to seriously negotiate pay per hour dependent on the project. I really want to work for something I find interesting and enjoyable, and that is more important to me than money right now. As for specific pet projects, I don't really know at the moment. My interests are many and varied. As for hours per week, starting in August around 20 (I would be willing to increase this for crunch times, but within reason.)
Also, another thing I haven't mentioned yet in this thread, once I graduate, if I was already involved with a project, I would be very willing to relocate. Basically all of the software mechas appeal to me (SF, Seattle, Austin, Boston), so that is a non-issue.