I've defered from uni until Sept 08, and need to fill my time until then, which ideally will earn me some dollar.
I've just graduated with a degree in Language Studies, and am going to go into another course in Linguistics. I can speak French and am fairly confident with German.
What might help me with Linguistics? Is it worth doing something like a TEFL qualification, or is that not that great for earning money? Should I go into translation, is it possible to do this from home? Or should I just get a boring but well paid office job? Or sit about on my arse for a year watching Jeremy Kyle and eating?
I hope you can see how open to suggestions I am, so please anything you can think of, I've given up!

Ta! xxx

Lounge around and watch tv

pub
women
football
facebook
part-time job
relax
.........
then repeat

I'd reccommend taking a job abroad. Any job at all, even working in a shop. This will help you understand languages and linguistics yet further.

Do not sit on your ass and watch tv. I did that on my break and I totally regret it. You can never relax enough. It just makes you more lazy and harder to ever come back to school or work. If I could I'd take back that wasted year and work that whole year. That way I'd have extra thousands of dollars to do whatever I wanted with it. Plus you get depressed if you don't do anything. I even got pulled into drugs on my year break hanging out with some bad friends.

Or, you can go out in the streets and curse at people in German and French. It will be awkward in the beginning but do that for a year and you'll probably be a natural at it.

Why dont you try undertaking a course at a TAFE school. You could do a diploma or a certificate in linguistics. It would probably be less stressful than you are usually used to with uni. Otherwise you could try searching the web for universities that offer their degrees online.
Or you could join the workforce under an apprenticeship or traineeship program at a language school or some other institution. Many of these programs offer good salaries and they might even employ you if they impressed, which ofcourse you are going to refuse. ;)
But whatever it is you decide to do, do not simply just stay at home. Like someone else just said you could end up as a depressed, overweight drug addict. Which would probably not be a good idea...

TRAVEL!! A very small proportion of Americans have passports, see Europe, east and west, London, Venice, Paris, work your passage there and travel to the Far East, avoid Al Quadi countries.