Ripon College, a small liberal arts college in the middle of a central Wisconsin cornfield, is giving a Trek 820 mountain bike (plus helmet and lock) to every student who pledges not to bring a car to campus for the 2008-2009 year. link
Pretty sweet. I'd actually prefer to have some store credit at a local bike shop, but hey a "free" bike. How cool would it be if the University of Iowa started a free bike program?