Definitely involved yourself with a project that will really fire up your enthusiasm and be a pleasure to work on.
I'd also take the opportunity to learn any new skills that you think might be relevant in the upcoming jobs market. You might think, I don't know much C# at the moment, now's the time to get involved, or maybe you're a C++ person but don't know much BOOST; now's a good time to read up and experiment.
If you can combine the above two, all the better.
I'd also make sure you're well up to speed on your data structures and algorithms and can take those 'reverse a linked list' type interview questions and be able to code them up with little effort. It's good preparation and will increase your confidence for interviews too, especially as keeping the basics on the boil is always a good thing.