jaxa

Lose copyright? No

from whats said in the rules of googles summer of code its says that any code produced and submitted to google during the competition becomes copyrighted to one of the companies doing the moderation of the competition.

Only if the particular project requires it as a part of submission. Many projects don't. http://www.google-melange.com/document/show/gsoc_program/google/gsoc2012/faqs#who_owns