Software engineering

Software engineering. This is not a requirement for total entry-level positions, but it's certainly a nice bonus. Unfortunately it's not often emphasized (or even taught) in many schools, but being familiar with good software engineering practices is very important. Learn all you can about good object-oriented design, design patterns, encapsulation, unit testing, physical insulation, etc. There's more to programming than knowing a language or API. This is difficult for people straight out of college, but it's a huge bonus when you have it. Internships could help with this, but they're not nearly as crucial for me as Joel says. I'd rather see an impressive set of home projects than a couple of summers working at IBM or Sun (on one hand I see a guy with lots of internal drive, and another one that needs to be told what to do and needs guidance). Having both would be awesome.