Freelancing

Hey /prog/, how common is freelance programming nowadays?

With university, I don't really have much time for a real job in an enterprise like during summers, so I thought a little about trying to freelance. Is it actually possible? Does anyone here do it? How does it work?

If you're happy that rentacoder.com will be all you can hope to aspire to, freelance programming is doable as a part-time job.