I would tend to agree with most of the answers here. I found myself in a similar situation last summer and found that it was very beneficial to take the applications I had access to and try to follow their control flow to understand every step of execution. This was especially true as I had never done .Net-base web development and this gave me some great "sample" code to learn from. Additionally, as Chris Johnston said, try to find out more about the company. Start asking people everywhere if they have something you could work on. Even if it's mundane, you will learn something from the experience. And, if nothing else, it will show you boss/bosses that you are driven and self-starting. How you handle your down time now might actually help you get a job in the future by building an excellent reference.
If all else fails, play with something you've never done before or that interests you. For me, I had never developed a GUI prior to my work with this company so I spend some time writing a GUI for an application I had written to automate some tasks. This introduced new challenges that dealt with threading and concurrency.
Basically, my advice is to keep your ears to the ground and look for work. It will not only improve your abilities as a programmer but also give you an excellent reputation at your company.
regards, chris