This sounds like a good deal. Free? Free? Sounds to good to be true :-). But it is.
If you are a full time student and into software development, take a look:
Check the site for details, but at time of writing the products included were:
Visual Studio 2008 Professional Edition
Visual Studio 2005 Professional Edition
Expression Studio (includes Web, Blend, Media and Design)
SQL Server 2005 Developer Edition
Windows Server 2003 R2 Standard Edition, with SP2