It is great to be student - here is the official information on the Ultimate Steal promotion: http://www.microsoft.com/student/discounts/theultimatesteal-us/default.aspx
Just noticed today that not only does Microsoft still have their "ultimate steal" promotion running for students, $60 for Office Ultimate 2007, but when you buy it you get office 2010 for free! Oh and you can also get Windows 7 Professional for $65.
All you need is a university email address you can confirm belongs to you by responding to an email confirmation. I have heard Microsoft isn't doing very much monitoring of this and when I bought my Windows 7 really all they did was send an email to the college email address I gave them. Enjoy!