Yes, it's the ADC student membership.
It lets you buy one "system" at a reduced price.
System can be an iMac, a Mac Pro with or without display etc.
On the old MP the discount was roughly $500 IIRC, but customizing (i.e., padding Apples' margins) naturally means you can chop off more.
The requirements are:
See http://developer.apple.com/products/membership.html for more info.
thanks for the info