Source (2012): http://www.microsoft.com/en-us/news/Press/2012/May12/05-18WindowsXboxPR.aspx

May 2012
Microsoft Corp. today announced the return of its successful student offer that allows students buying a qualifying Windows 7-based PC to also get a free Xbox 360 4GB console. The offer is available for current students while supplies last, starting May 20 at participating retailers in the U.S.; a similar offer will be available starting May 18 at participating retailers in Canada. Terms and conditions will vary by participating retailer.
Together, a Windows 7-based PC and an Xbox 360 console provide students the functionality they need for school while also helping them stay connected to friends and family far away. To take advantage of this offer, students or their parents must provide valid student identification as defined by the participating retailer. Participating retailers may change over the course of the promotion, but will include Best Buy, Fry’s Electronics, Dell.com, HPDirect.com, Microsoft Stores and NewEgg.com in the U.S., and Best Buy, Dell.ca, Future Shop, Staples and The Source in Canada.Windows 7-based PCs come in a wide variety of styles, sizes and colors; many new thin and light options such as the Dell XPS 13, HP ENVY15 and Samsung Series 5 ULTRA boast high-definition displays and fast boot-up times, and are super lightweight for great mobility. With an Xbox 360 console, students can have fun gaming while also enjoying a range of entertainment options, including streaming videos, sports, music and more.
For those who don't know xbox 360 4gb model is $200 and can have it's hard drive upgraded for another 85$.When students buy a Windows 7 PC over $699, they will receive a FREE Xbox 360*.
You can buy any kind of PC, although we recommend a few specifically for students like the HP Pavillion DM4 a great entertainment system on the go, the Dell Inspiron 14r a stylish powerful 14” PC, and the Samsung Series 9 a computer that has been described as looking like it is about to rocket off the runway. Ask Ben the PC guy, he has one! If you are still trying to figure out what might be the best option for you, you can use the PC Scout, an interactive app available on windows.com that helps you find a perfect match.
If you have a .edu email address you can purchase your new PC through one of our participating retailers including Dell.com, HP.com or Microsoft Store. If you don't have a .edu address or prefer to walk into a store, touch the PCs and test their features, bring your Student ID into Best Buy or any Microsoft Store retail location Check with your chosen retailer for additional specifics they may have in place.
*Get a free Xbox 360 4GB console with the purchase of a Windows 7 PC $699 or more, at participating retailers in the US from 5/23-9/3 or while supplies last. Verification of student status required. See participating retailers for full details.
**Xbox LIVE Gold membership (sold separately) required for Xbox 360 online multiplayer.
Xbox 360 4GB
http://www.amazon.com/Xbox-360-4GB-Console/dp/B003O6JKLC
Xbox 360 250 GB Hard Drive Upgrade (Can also buy a HDD from older xbox model and open up to put in new)
http://www.amazon.com/Xbox-360-250GB-HardDrive-Slim-Only/dp/B002I0JDC6/ref=pd_sim_vg_2

NOTE
If you wait till June 2nd and pay an extra $15 you can get an upgrade to Windows 8 when it is released and still get the xbox deal.
Also many of the retailers have student discounts and what not to get a better deal.
http://www.tomsguide.com/us/Microsoft-Xbox-Windows-7-Upgrade-Student,news-15267.html
Enjoy!
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