You may not deactivate and sell it to anyone else, even another student, and you may not (I think) use it as the basis for a lower cost upgrade to a later version
You may use it for any purpose, even to make $$
Both sites below require proof of Education status, per Adobe licensing
May NOT resell http://forums.adobe.com/thread/896145?tstart=0
I thought it was just the oposite of what you wrote. I thought you could upgrade the Student Versions but you were not suppose to use it in a proffesional post production house to make money. My Student Version of the CS 4.0 Master Master Collection Worked for my CS 5.5 Master Collection upgrade. I am not 100% sure as of now but when I bought the Student Version of the CS 4.0 Master Collection Adobe told me I could upgrade but there is no student upgrade price. I thought that was fair but things may have changed.
At one time, Adobe did have a provision in the EULA, that precluded commercial use (at least for Photoshop), for the "educational" editions. I cannot give you the date, or version number, but that provision was dropped some years ago. I would imagine that Adobe's legal department realized that defining "commercial use," was just too broad, and probably restrictive, so they dropped that aspect of the limitations.