Specifically - how do they get into the CP? Is it something they have to apply for and be accepted to? and when can they participate in the CP? Any specific year of college?
I would suggest exploring the website a little bit and watching the E-Presentation - that will give you a great overview of the program, it's about 40-45 minutes long:
http://www.wdwcollegeprogram.com/sap/its/mimes/zh_wdwcp/index.html
Yes, they would have to apply and be accepted into the program. There are two basic seasons Spring and Fall that correlate with the typical college semester. There are also quarter length options and you can extend the programs to also include summer, however, there is not a program just for the summer. Your kids should apply one semester before the program they want. For example, they are currently hiring people for the Fall 2008 program.
There are 3 components to the program: earning, living, and learning!
Earning is the job - Yes, they would be working - this is the main component to the program. CPers are not paid great, so your children should go for the Disney Experience and not if they are looking for an easy internship and easy money (that is not the case). There are tons and tons of jobs available; when your kids apply they'll be given the opportunity to rank which roles they are interested in.
Living is the housing - there are Disney apartments just for CP students that are great for networking and making friends. The rent for the apartments are automatically taken out of the paycheck and they are fully furnished. Everyone is required to have a roommate, ranging between 2-8 people. They are in a gated and well secured community.
Learning is the education part - there are ACE courses available (accredited), and some other general Disney classes that are not accredited. This component is NOT required!!! Not all higher education institutions recognize the Disney classes and some will not give credit to students who take them. Your children will need to talk to their advisor to see whether or not they should take any classes with Disney. Many students opt to take classes on-line from their home institutions in order to remain full time. Some institutions work great with the Disney CP and will allow the students to do the program and get internship credit for it or co-op credits to keep them full time as well. It varies a lot based on the institution.
The only requirements that Disney has for employment is that the applicant must be a college student, at least 18 years, they need to have completed one semester before the program and have at least a 2.0 GPA. I have heard that some institutions require that students wait until they are Sophomores or higher, but that depends on the institution.
That was just a quick overview, the website will have a lot of other information that is also great to know. You might also consider spending some time in the CP threads on this board for other information.
Hope that helps!!!