what to do with free time?

Similar to learning an instrument, you might consider playing on music software and producing full tracks. Something like Reason is quite all-in-one :)
 
I think open university is a great idea, but you could try use Rosetta Stone to learn a language? I have heard it is amazing. I would suggest doing something productive tho, there is no point wasting your time! :)
 
Hit F5 on OcUK a lot. What else is there?

Believe me you can overdose on OcUK..

Qualification in a language - work as a freelance translator?

There are many companies that need document translated. I've worked on projects where documents would be translated between english and japanese for example. Note you normally translate into your native language only unless you have spent considerable time in the foreign country because of the appreciation of cultural and linguistic norms. Also having a specific area of trade helps with all the acronyms.
I remember being asked if I really wanted to use the term atomic - a term used in software concurrency. Obviously the japanese are a little sensitive to the term.
I also know a russian qualified lawyer who is studying in the UK for UK law. She translates into russian for documents with a focus on legal stuff to earn money whilst she's a student.

I don't know your trade before this, but it's possible you could look at providing translation for chinese after 3 years of study. Then build up a client base and translate documentation.
 
WoW was the only hobby I had that completely cured boredom for long periods of time. I'd play other games but so long as WoW was there, I'd never be bored. Be careful though as it sucks you in and is extremely addictive.
 
Any MMO - EVE is popular on these forums.... become the CEO of a corp. of 400 unemployed and students that dedicate their lives to strip mining asteroids.
 
I'm honestly jealous. You can start doing all the things most of us don't have time for or get around to doing. Set yourself two goals

1. Build up your CV
Learn to program or learn another language if you can program.
Learn another language, something to impress the ladies.

2. Make yourself better informed and more interesting
Build an impressive book library by gradually buying books from constant reading.
Buy good headphones and start listening to music.
Watch movies.
Get better at cooking.
 
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Buy yourself a little camera like the Panasonic FZ38. Get into digital photography and mix up an outdoor activity with your PC hobby.

Warning: Avoid going digital SLR unless you want to end up spending a fortune on gadgets and lenses - even though they are much better :)
 
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