Get your SCJP first...
If you do have that, sign up for the CX-310-252A exam which is the assignment, and you get (after a few days usually) a download link.
The file you find there contains complete instructions.
Essentially all assignments require you to write a complete client/server system including the database engine.
Technologies being tested:
-network programming. Either sockets or RMI allowed, nothing else.
-multithreading
-Swing. The document will state certain components that you MUST use and functionality your application MUST have.
-design patterns/skills
-documentation skills
You're not allowed to use ANY thirdparty libraries, only those classes that exist inside the core APIs shipping with the JDK itself (so also no libraries from J2EE or any other Sun extension APIs are allowed).
There is no time limit for the exam, and I'd advise you not to rush it.
I've been working on it for about a month now (mainly in the evenings and lunchbreaks) and I've the first draft of the database server almost complete (which I think will see some major rewrites in time because I'm not quite happy with the design yet even though it works well).
The requirements document is in many areas deliberately vague. You are expected to make your own decisions in those areas and document those.
No answers to most questions pertaining the document will be given, or else the answer will usually be to come to your own conclusions.
Required documentation includes full technical documents in the form of Javadocs, a complete user manual (either as external text or html files or as an integral help system inside the application), and a document detailing your design choices (why you chose one tech over another, why you chose to implement things like you did, etc.).
Any failure to meet any of the strict requirements of the requirements document will mean automatic failure (and this includes having a misnamed directory in your final submission!), as will things like a theoretical possibility of deadlock in your application.
It's tough, passing grade is very high (you need 82% I think, so just "good" isn't enough).
Don't set yourself a timeframe for completion. While it may serve as a starting point to attempt to reach it, it most likely will lead to cutting corners which is counterproductive.
Learn, experiment, and only then integrate into your solution.
I create trial versions of every major component of the application as standalone widgets which get tested and refined over and over again before I decide to use them or not.