You can now submit an application as a student to be part of this years Google Summer of Code. So if you want to do a GStreamer project be sure to ping us on IRC (#gstreamer, irc.freenode.net) or send an email to the gstreamer-devel mailing list and start discussing any project ideas you might have, or to ask questions about items from our SoC ideas page..
Details on how to submit an application you can find our our Student information page.
Try to submit your application as soon as possible because if you wait until the day before the deadline of April the 6th, then the amount of time available for feedback and improvements will be small and thus decrease your chances of getting approved.