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3D Modeling

3D Studio Max
3D Studio Max is the main program used by Blizzard Entertainment for their products. A great editor, more based on pipeline workflow than user-friendlyness, the program is still worth every penny. Most affordable via student discounts. Otherwise be prepared to pay thousands of dollars per update.

Maya
Maya is a program designed more for functunality and solo-projects. It's aim is animation over modeling, and special effects. Why these two programs must compete is unknown. All is known is it is generally a matter of taste as to which you will ultimately select. They are owned by the same company, and both are just as expensive.

Design Workship Lite
"The complete freeware DesignWorkshop Lite software package provides all you need to build your own 3D models for home design and visualization of architecture, landscapes, exhibits, or any kind of spatial design. With DesignWorkshop Lite you can view and walk-through ready-made models of any size, like the free 3D building models in the Great Buildings Online, in DXF, DesignWorkshop, or 3DMF format, with amazing live 3D speed."

Gmax
A stripped-down version of 3DS; you can create models with this, but you are limited in what you can do compared to the real 3DS. It's free, so give it a whirl. If you plan on buying 3DS, this should give you a good idea of what it can do, though highly limited.

Milkshape 3D
A low-poly modeling program, some people have found a use for this in Warcraft III (though not a simple task). It's shareware, however, good for 30 days, or you can buy it for a mere $20.

Paint Programs:

Paint Shop Pro
Simple program used to do general graphics (web and otherwise). It doesn't have all the eye-candy-like features of Photoshop, but it has all the basics and won't break your budget. This is all you'll ever need for touch ups and doing semi-spectacular splash screens, etc.

Photoshop
THE paint/graphics program to get... if you can afford it. It can do some spectacular things -- much more than touch ups and simple graphic effects. There are also a slew of nice plug-ins for it that you can find in assorted net locations. If you want to create something new and spectacular, Photoshop is the way to go. There are also Student Discounts available.

Movie Programs:

Smacker Utilities
The cool thing about Rad Games is that this entire thing is completely free and it can do anything you need to smacker videos (the file type used for Starcraft's movies and unit portraits). Convert between avi, animated gifs, import frames, what ever you need. (ED: You want the Old Smacker Tools listed in the downloads page if you're using this for Starcraft animations)