mferrell
I'm working on a crowdfunding-esque site if that's something you're interested in, and I'm always down to work on reverse engineering/vulnerability research type stuff.
Despite the environment, there are very few students with a "hacker" mentality- maybe ten or so, a number not drastically higher than what you'd expect to find anywhere else. Plenty of kids choose to take the upper level (from a high school perspective) classes, and have no trouble understanding recursion, pointers, or any of the traditional hangups, but it's a much smaller number who would ever consider working on a project that wasn't assigned by a teacher. For everyone else, even among these incredibly bright students, programming is seen as the work you have to sludge through in order to guarantee a cushy $120k job.
For this small percentage of self-motivated students, the free time proposed in the original post would be a godsend, used more productively than any sort of schoolwork. For most everyone else, however, regardless of intelligence, CS education, or resources available, this time would be thrown away to TV or video games, with a net productivity less than an hour spent doing the most menial busywork under the dullest of teachers. I think many of us on Hacker News, surrounded by peers who are the sort of people that start businesses, tend to forget that while students might spend lectures wishing they were elsewhere, that elsewhere is rarely 80x24.
Admittedly, I don't have a solution. Increased STEM funding helps, no doubt, but not in the exponential way many of us envision. Resources in the form of state of the art equipment or funding for student projects only serves to empower those who are already driven, and this drive seems to be something determined long before students enter high school.