Try developing a Instant Message System where multiple user connect to a single server. The exerpt below is taken from Dietel and Dietel - Java How to Program 6th Edition
Chat rooms have become common on the
Internet. They provide a central
location where users can chat
with each other via short text
messages. Each participant can see all
messages that the other users post,
and each user can post messages.
With this exercise you can put your 5 years of experience to the test as this small project requires not only multithreading, but networking and GUI. In addition you need to use a technique called multicasting.
Also, open source projects making extensive use of multithreading is another good place to get inspiration and see real life examples. From there, you can participate or start your own open source project.
All the best!